Like most of you, I imagine, I get lots of email advertisements. It’s very rare that I ever click on something, and I’ve never purchased anything. But sometimes I have to acknowledge a clever pitch or product.
And since I’ve previously publicized special Federal Reserve toilet paper, Ben Bernanke’s hacked Facebook page, and the famous “Ben Bernank” video, you will understand why I think this t-shirt is quite amusing.
Though I’m not sure that’s a great likeness of Bernanke on the t-shirt. Heck, my Bernanke-who-stole-Christmas image may be more accurate.
But I guess that’s not overly important since the real reason for the t-shirt is to express concern about inflationary monetary policy. And that’s something that should worry all of us (it’s already worrying drug dealers).
To be momentarily serious, I don’t follow monetary policy closely enough to make definitive statements, but here’s a good summary of why I’m also worried. I further address monetary policy in this post, and express displeasure with Bernanke’s behavior in this post.
Last but not least, this video is a good introduction to central banking.
The French Version of Atlas Shrugged
Ayn Rand’s famous novel, Atlas Shrugged, tells the story of what happens when society’s most productive people go on strike because they don’t want to subsidize the looters and moochers.
I won’t give away the plot, but one interesting twist in the story is when government officials realize that they need some people to produce. Otherwise, as the former President of Brazil acknowledged in real life, there’s nothing to redistribute.
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Well, some people in France don’t understand the risks of driving away the geese that lay the golden eggs. Here are some excerpts from a Christian Science Monitor story.
As French President François Hollande outlined new taxes and spending cuts while promoting reforms to turn the economy around – word leaked out that France’s wealthiest man, Bernard Arnault, was heading for Belgium in a rumored tax dodge. At first, the timing could not appear to have been worse for the national morale and Mr. Hollande. …he will hit those with direct salaries over 1 million euros ($1.3 million) with a 75 percent tax. The French have not forgotten the national shame when British Prime Minister David Cameron told the world from Mexico in early summer that London was “rolling out the red carpet” for wealthy French seeking tax havens. Yet, instead, in a national spasm of pique, France spent all day making accusations of “traitor” and “ingrate” at the rich guy – Mr. Arnault, worth $41 billion. …The anti-Arnault frenzy spurred far-left guru Jean-Luc Mélenchon to call him a “parasite,” and far-right darling Marianne Le Pen to proclaim “scandalous” what appears to be a financial exile. A screaming headline in Libération – “Get Lost You Rich Idiot”… Hollande yesterday said the fashion tycoon, who also left France for the US during the last Socialist government of François Mitterand, “should have measured what it means to apply for citizenship to another country. In this period, we need to appeal to patriotism.”
I’ve already posted about productive people escaping France, so that’s not exactly a new development.
What is remarkable, though, is the way French politicians, journalists, and ordinary citizens (presumably of the moocher variety) have viciously attacked Mr. Arnault.
Sort of like thieves who want moral sanction from their victims. Hmmm…seems that somebody wrote a book with that theme – and it didn’t end well for the looter class. Which is exactly why I’m predicting that France will soon face a Greek-style fiscal crisis.
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