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Is the worst yet to come?


just john

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Société Générale tells clients how to prepare for potential 'global collapse'

The French seem to think so and that was back in Nov 2009. I found that little ditty when looking for a Eurobanker boat for a friend, 'strangely' named when first produced back in the late 70's, is there a connection I wonder.

Mind you the 'experts' have got it wrong in the past. All the Expat pensioners round here have been waiting over a year now for the Euro to collapse as was predicted by so many of these 'experts'. They thought it would be 'happy days' again with the Greek problems but the Euro is still there and Sterling continues down it slippery slope.

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I think that things are going to get harder in France too.

One factor that is just beginning to be commented on is the fact that the buffer effect of French unemployment benefit is rapidly coming to an end. For up to two years, depending how many years have been served , a French unemployed person is on earnings related benefit, unlike the UK.

When times pick up again in a shortish period  this stabilises the economy as purchasing power is not so immediately affected as in the UK.

However times are not picking up, they are getting worse, and as these people come to the 'fin des droits' and others are added there is bound to be a depressing effect on the economy

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[quote user="NormanH"]I think that things are going to get harder in France too.

[/quote]

I don't doubt that also but I think France is slightly more cushioned because the amount of personal debt (credit cards etc.) is much lower in France but also there are more Government employees as a percentage of the population.

Without a wholesale cull of these people the money will still keep flowing around, albeit at a slightly slower pace.

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