This article was written before the weekends elections in France and Greece and so David was surprisingly accurate in what he predicted would occur in the markets as a result of a change of leadership. If history has taught one certain lesson, it is that the less fettered an economy, the better humankind is able to do what it does best: run from trouble and run toward opportunity.
Conversely, the deeper the muck of regulation, mandates, taxes, subsidies and other bureaucratic meddling, the slower we humans are in following our natural instincts until the point that progress is slowed or even stopped. You can see this ignorance in the popular demand for even more, not less, meddling in the affairs of humankind. There is no more timely nor acute example of this growing trend than what is currently going on in France. In France, if no candidate attracts no better than 50% of the vote, then the two leading candidates go to a decisive runoff vote, this time around to be held on May 6. The current president, Nicolas Sarkozy, a conservative in name only, was running at a fairly steady gait toward re-election (thanks to the head start awarded all incumbents), when leading socialist candidate Francois Hollande came out with a proposal to tax anyone with an annual income of over one million euros at a rate of 75%. For good measure, Hollande also promised to reverse the recent modest increase in retirement age from 60 to 62 pushed through by Sarkozy.
Remarkably, at least for those with some small understanding of economics, as a result of leaning into the microphone with these proposals Hollande has galloped ahead of all other potential contenders and is now projected to finish nose by nose with Sarkozy. After which the also-rans will be removed from the race, freeing their supporters to share their affections elsewhere.
The deluge in Louis’ case manifested as the murderous affair commonly known as the French Revolution.
As is the nature of such things, because of the aforementioned predilection of humans to run from trouble, we likely won’t have to wait for Mssr.
Given that France is the third-largest economy in the already-troubled Eurozone, one can expect the deluge to spread, with potentially devastating consequences. My point is not just that these governments are broke and are about to get a lot more broke as interest rates rise on their many debts and financings, but rather that the global trend toward a resurgence in public demand for socialism in response to a worsening crisis is a certainty. How could it be otherwise when for decades now the schooling of children has been delegated to functionaries of the state?
With the apparatus of state education over many years serving to bamboozle the populace into the hardened belief that government has a positive role to play in virtually all aspects of modern life, it should come to no surprise to anyone that, when push comes to shove, people are now trained to look to government to solve the problems – even when it was the government that created the problems in the first place. Thus, confronted with the intractable mess they have made, these governments have to keep alive the mythology they have created about their omnipotence. Which puts these governments in a very tight spot, because the only way they can actually fix things is by doing exactly the opposite of what people have come to expect from their governments, which is always to do more.
But if the governments actually tried to take these actions, the brainwashed masses would be positively befuddled then outraged, as it goes against everything they have been taught.
So it is that we find ourselves at a particularly interesting juncture in the historical record. On the one hand you have a majority of the world’s population who have been carefully schooled into believing that the institution of government holds the solution to all problems and is the source of succor to all who need it.
In this mix are the politicians and their functionaries, 99.99% of whom believe that, if for no other reason than their re-election prospects, they have to do something to meet the demands of the public.

Which brings us full circle to the simple truth that the brainwashed public won’t stand idly by while the politicians lower taxes and regulations on the profit makers or cut back state pensions and guarantees or otherwise reduce any of the many services the state has taken on itself to provide. Meanwhile, the mob has started to gather, their dark mutterings heard by the politicos who quickly don the red caps themselves, the better to be viewed as one with the people and join in expressing outrage against the capitalists who have been selected as fall guys in this unfolding drama. When confronted by reporters about the fact that his 75% tax on high-income owners would raise nowhere enough revenue to offset France’s towering debt and social obligations, Mssr. Hundred Zeros is an updated catalog of best-selling ebooks on all subjects that you can download for free from Amazon. The earth is constantly changing and even with all of the modern technologies there is the possibility of unexpected destruction.
The 7 trillion loss by the stock market earlier this year includes 5 trillion lost by people over 50.
The economic crisis has forced many older citizens to postpone their retirement or to go back to the workforce, a difficult feat in a high unemployment scenario. On Disposable Income: Do you know exactly how much available cash you have at the end of the month after all unavoidable expenses? On Investments: Are you on top of your 401K, your fixed annuities, your life insurance, your CDs, your brokerage account, etc.? Parents hate the idea of becoming a burden on their grown up children and yet thousands of elderly couples rely on their offspring every year to solve life’s crisis. Notice: The content on The Smarter Wallet is informational but should not be recognized as professional advice. In the current circumstances, it appears that enough time has passed that current generations have completely forgotten the critical connection between the ability of humans to freely pursue their aspirations and economic progress. I refer, of course, to the first round of the presidential election process, scheduled for this weekend.
Hollande to be formally enshrined in the gilded halls for the trouble to start – it will begin within days and maybe even minutes of the handicappers concluding that his ascendency is a sure thing. That the guillotines may soon be rolled out across Europe can be better understood by taking into account that the Eurozone sovereign deadbeats are on the hook for roughly nine trillion euros in debt, some significant percentage of which has to be rolled over to ready buyers over the next couple of years. Then there is Japan, officially the world‘s largest debtor in terms of debt to GDP, where the easy availability of local funding has dried up, requiring that nation to go to the international markets for funding as well. The professor, Jack Chandliss, asked the class to write an essay on what the American dream means to them, and what they want the federal government to do to help them achieve that dream. Which is easier said than done, because with things now swirling fairly quickly around the drain, the mob is beginning to lose faith – and even patience.
Put simply, the only hope now is that these governments begin to reduce their roles in their respective economies, and dramatically so. Several Groups Acknowledge The Need For a Survival Pantry Including The Red Cross, FEMA, And The Mormon Church.
The reasons for the changes are speculated by many groups but knowing why is not as important as being prepared for the worst scenario.
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It stands to reason that after a lifetime of saving and investing, the older generation, which of course includes the baby boomers, has more to lose in a downturn than the younger ones. For those older folks between 50 and 65, the situation is even worse since they haven’t yet qualified for Social Security benefits. If you are like me, you have been procrastinating and you need a good kick in the rear to get going. Good personal financial planning in these trying times may help prepare for the day when one is no longer able to earn a living or care for oneself.
Out of 180 students participating, only about 10% wanted the government to leave them alone and not tax them too much, but a whopping 80% wanted the government to provide pretty much the whole dream thing wrapped in a tidy bow – including free college tuition and health care, jobs, even the down payment on their future homes, money for retirement and hard cash, taken in the form of taxes from rich people. Concurrently, they have to encourage people in their aspirations to greater wealth, by lowering their taxes and unwinding the tangle of regulations they have created over the last half-century. You can download and read these ebooks on your computer, mobile phone or tablet with the free Kindle Reading apps. It also stands to reason that they have less time to make up these losses, if they can do it at all. So the burning question is: What must these people do in order to safeguard their retirement or recover lost assets? But, as we know from experience, people over 50 may suddenly suffer a heart attack, discover that they have cancer or face the loss of a loved one. Your children will help as much as they can, but they have their own future to consider, so let’s try to make things easier for them. Any rates and offers found here may change without notice so please check the official sites (of offers we mention) for the latest, up to date information. By some calculations, the result of Hollande’s new taxes is that effectively 100% of all incomes over one million euros will now be stripped away by the state. Financial strategy and money advice for those after 50 are naturally quite different from those that apply to the younger generation.
Prolonged illnesses are very costly, especially if you don’t yet qualify for Medicare. We have affiliate and financial relationships with companies and we may be compensated for marketing efforts, but not for our opinions on featured products and services.
Money may not be a panacea, but it sure helps when a widow is faced with sudden large expenses for hospitals and funerals.

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