Winning: Economically struggling France doubles down on fracking ban

posted at 8:41 pm on July 15, 2013 by Erika Johnsen

Socialist French President Francois Hollande would like you to know that, despite his country’s record-high unemployment and the two most recent quarters of negative GDP growth, their economy is doing just fine, thank you very much. Really, his attempts to fix France’s ailing economy and poor business climate — almost exclusively with tactics straight out of the big-government, Keynesian stimulus, socialist soak-the-rich playbook, I might add — are just about to turn things around, you’ll see:

French President Francois Hollande said Europe’s second-largest economy was recovering and tried to fight deepening pessimism in an interview on Sunday…

He urged the French to be more positive, highlighting a slight rebound in industrial output data, a bump in consumer spending and an improved forecast from France’s central bank for growth in the second quarter.

“We must not succumb to self-criticism,” Hollande told France 2 TV in a 30-minute live Bastille Day interview in the garden of the Elysee presidential palace.

“For years we have been the most pessimistic country in Europe, in the world even. There are countries at war that are more optimistic than we are.” …

“The recovery is here… The second half (of 2013) will be better than the first,” Hollande said.

Er… if you say so. Fitch, evidently, does not agree:

Fitch cut France‘s credit rating Friday to AA-plus on an uncertain economic outlook amid the ongoing euro zone crisis and the need for structural reform. The move cost the monetary union’s No. 2 economy its last major triple-A rating….

In explaining the cut, the rating agency cited a number of causes for concern: weaker economic output, a jump in the unemployment rate, budget deficits and subdued external demand, among others.

Economists and financiers have been insisting that France needs to drastically cut their public spending before they’ll have any chance of achieving a healthy rate of economic growth, but as we’re all too well aware, that’s generally not a part of Socialists’ way of doing things. Hollande’s government has yet to achieve the deficit targets required by the European Union, and while Hollande did venture that there would be “less spending in 2014 than in 2013,” never fear — they already have more phony stimulus plans in the works:

The French government, anxious to match its rhetoric on promoting growth over budget austerity, has unveiled a €12bn plan to boost investment over the next decade, partly funded by the sale of some of the state’s big corporate shareholdings.

But the relatively modest programme will not kick in until 2016 to ensure it does not derail the Socialist government’s commitment to reduce the budget deficit to 3 per cent of output in 2015 – an EU-designated target already set back two years by Brussels as the economy has stumbled.“Investment and budget responsibility go together,” Jean-Marc Ayrault, France’s prime minister, said on Tuesday. “To respect the financial strategy of the state, spending linked to [the investment plan] will grow gradually and will succeed the current future investment programme.”

Come on. A robust and well-oiled economy doesn’t need to the government to motivate it to innovate, modernize, and invest; if you have to consciously push your economy to do so, you’re probably doing something horribly, terribly wrong already. Something like, just for example, banning innovative and wealth-producing technologies that have revolutionized energy industries and opened up for production hitherto unrecoverable reserves of oil and gas the world over? Among other such over-regulatory hindrances, perchance?

French President Francois Hollande ruled out exploration for shale gas during his presidency on Sunday, dousing hopes that a ban on hydraulic fracturing could be reviewed following a legal challenge by a U.S. firm.

France’s top court said this week it will examine the challenge to the ban by Schuepbach Energy, which held two exploration permits that were cancelled when the law was passed in 2011.

Industry Minister Arnaud Montebourg stirred debate when he suggested creating a state-backed company to examine exploration techniques. But he was promptly overruled by Prime Minister Jean-Marc Ayrault.

“As long as I am president, there will be no exploration for shale gas in France,” Hollande told France 2 TV in a live interview after Bastille Day celebrations.

Yes, because that certainly doesn’t qualify as cutting your nose off to spite your face, or anything.


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…if JugEars had a white brother…

KOOLAID2 on July 15, 2013 at 8:45 PM

Obama’s totally jealous. Hollande gets to be openly socialist.

Longing4Lincoln on July 15, 2013 at 8:48 PM

Come on. A robust and well-oiled economy doesn’t need to the government to motivate it to innovate, modernize, and invest; if you have to consciously push your economy to do so, you’re probably doing something horribly, terribly wrong already.

….?

KOOLAID2 on July 15, 2013 at 8:48 PM

Is there a government anywhere that isn’t run by idiots?

sadatoni on July 15, 2013 at 8:51 PM

“We must not succumb to self-criticism,” Hollande told France 2 TV

“Self-criticism”? The French?? LOL. They blame everyone else as they work to make the rest of the world as screwed up as they are.

I think it’s time for these losers to launch into their 6th Republic. At some point, they really should stop calling it “France” and start on their 2nd name. That “France” moniker is a real loser.

ThePrimordialOrderedPair on July 15, 2013 at 8:52 PM

Let.It.Burn.Freeze.

ShainS on July 15, 2013 at 8:53 PM

Let.It.Burn.Freeze. Rot.

ShainS on July 15, 2013 at 8:53 PM

ThePrimordialOrderedPair on July 15, 2013 at 8:53 PM

Dear Hot Air,

Thank you for not going “wall to wall” with Zimmerman / Tryavon posts over these past few days.

I greatly appreciate it,

Mjbrooks3

mjbrooks3 on July 15, 2013 at 8:57 PM

…obviously… no one gives a sh!t about France!…we have our own clowns!

KOOLAID2 on July 15, 2013 at 9:05 PM

KOOLAID2 on July 15, 2013 at 9:05 PM

You and me both KA2!!! :)

Scrumpy on July 15, 2013 at 9:16 PM

“As long as I am president, there will be no exploration for shale gas in France,” Hollande told France 2 TV in a live interview after Bastille Day celebrations.

Naaah, we’d rather rely on Russia for gas delivery. They have been soooo reliable.

Mental disease triumphs again!

FOWG1 on July 15, 2013 at 9:16 PM

The smug self-righteous know-it-all green loons in France think that they are among the chosen ones, and come hell or high water they are going to lead their country like lemmings over a cliff into the valley of the damned. Obama would do the same if he only could. If O only had the tame euro-lemmings to follow him!

anotherJoe on July 15, 2013 at 9:20 PM

To celebrate, they waved the new French flag, a white cross on a white background.

DAT60A3 on July 15, 2013 at 9:39 PM

If O only had the tame euro-lemmings to follow him!

anotherJoe on July 15, 2013 at 9:20 PM

Apparently mr Joe, he has a sufficient number of the tard vote locked up to do great damage to the US.

arnold ziffel on July 15, 2013 at 9:39 PM

If anyone has a BIG enough nose to cut off their face, it’s France.

GarandFan on July 15, 2013 at 9:43 PM

Texas Shrugs.

RushBaby on July 15, 2013 at 9:51 PM

…if JugEars had a white brother…

KOOLAID2 on July 15, 2013 at 8:45 PM

A white retarded brother…

jimver on July 15, 2013 at 10:09 PM

The smug self-righteous know-it-all green loons in France think that they are among the chosen ones, and come hell or high water they are going to lead their country like lemmings over a cliff into the valley of the damned. Obama would do the same if he only could. If O only had the tame euro-lemmings to follow him!

anotherJoe on July 15, 2013 at 9:20 PM

Nearly all their power comes from nuclear energy. They are clear leaders in that sector and export electricity to other European countries including the UK. They are the world’s largest exporter of electricity. You can make fun of them all you like but calling them green loons?

lexhamfox on July 15, 2013 at 10:19 PM

calling them green loons?

lexhamfox on July 15, 2013 at 10:19 PM

Seriously mate, they bombed a Greenpeace Ship before conducting a test on someone else’s island. The French don’t grok Gaia

lexhamfox on July 15, 2013 at 11:27 PM

Oh how the French really love to screw things up, like Alcatel.

OccamsRazor on July 15, 2013 at 11:29 PM

“There are countries at war that are more optimistic than we are.”

And there are morgues that have more life in them than France does today.

Tom Servo on July 15, 2013 at 11:47 PM

BANG! Right in the foot. And you want to ban guns. They are useful.

Old Country Boy on July 16, 2013 at 12:04 AM

Let them eat burnt cake.

Neo on July 16, 2013 at 1:40 AM

Let them eat cake!

Maybe they would approve other forms of fracturing such the trial of one form called Operation Gas Buggy. Nuke it.

Kermit on July 16, 2013 at 9:47 AM