Right Pulse

A couple of days ago French President Nicolas Sarkozy declared the following, regarding the USA financial melt down:

Laissez-faire is finished. The all-powerful market that always knows best is finished

Well the mortgage securitisation market in the USA is 80 per cent controlled by the US Government, so what’s so free about that market? But this is the irony, the French socialist economy along with Germany and Italy are slipping into recession:

The National Institute for Statistics and Economic Studies, INSEE, forecast that after the French economy shrank by 0.3pc in the second quarter, gross domestic product would fall by a further 0.1pc in the third and fourth quarters of 2008.

A technical recession occurs when the economy contracts in two successive quarters….

Europe’s economy contracted in the second quarter, the first time it shrank since the launch of the euro almost a decade ago. Gross domestic product fell by 0.2pc in the eurozone, which comprises the 15 nations that subscribe to the single currency.

The decline was prompted by a second-quarter contraction of Europe’s two biggest economies – Germany and France – as well as a fall in Italy.

So I’d conclude that socialism is finished, again and again and again…How many times does socialism have to be shown to be inadequate before the left gets it? There is a reason you guys lost the Cold War!