Noah denkt™  -
    Project for Philosophical Evaluations of the Economy
You need Java to see this applet.
It can’t get any worse than this!
Dialogue with the Alter Ego on Hollande’s leadership after the demise of Jérôme Cahuzac, first drafted on April 3,
published on April 4, 2013

Question by Alter Ego of Noah denkt™ (AE): The government of French President Hollande is in extreme disarray
after the now disgraced former budget minister Jérôme Cahuzac who, by the way,  was responsible for the
persecution of tax evasion was forced to admit that he himself had secret funds stacked away in some offshore
accounts in Switzerland and Singapore. In a way the current situation
validates a previous judgment of yours in
which you characterized Mr. Hollande as being a ”disaster”? Does Noah denkt™ now feel a sense of vindication
for having anticipated his leadership adequately?
Answer by Noah denkt ™ (Nd): No, we do not feel vindicated at all by this. In fact, we even have a glimmer of hope
that the situation in France might shape up a little bit in the months to come. After all, the political mood in that
country is so bad at this point that it is hard to presume that it could get even worse.

AE: But isn’t there still the possibility that the President himself or his Finance Minister might get caught up in the
Cahuzac scandal. After all, there are allegations surfacing now that Mr. Moscovici may have tried to influence the
independent judicial inquiry in to the Cahuzac case and that Mr. Hollande’s office itself may have been quite
aware all along of the dishonesty that France’s former budget minister brought to the job.
Nd: Okay, granted, there may still be some ripple effects to the Cahuzac revelation. We continue to believe
though that from now on things will work out a little better for Mr. Hollande and his team.

AE: Why is that?
Nd: Because he has tried to do a few things that aren’t altogether wrong.

AE: Like what?
Nd: Well, take for instance, the idea to develop a tutorial job entry system for the unemployed young. Or take his
plan to finance high-speed fiber broadband networks all around the country. And last but not least, look at his
initiative to offer tax breaks for companies that employ low wage labor. This is going into the right direction, isn’t

AE: May be. But there is still the fact
that his interpretation of economic reality and, hence, the conclusions which
he draws from that aren’t state of the art?
Nd: Sure! But, we at this point prefer to view the glass as half-full rather than as half-empty. At least, Mr. Hollande
isn’t the same socialist anymore that he was when he got into his office. In fact, it is probably fair to call him a
social democratic now which deserves some praise not just from us but from the markets too.

AE: In our mind this is too little too late. Don’t forget that France still has a long way to go to face up to the harsh
reality that global competition imposes: Just think about its
overly protective labor law system, its success
punishing tax law and the quite inadequate attitude which the country has towards financial speculation. Things
like that cannot be remedied by cosmetic touches here and there.
Nd: No doubt about that. But given
the less than warm welcome that capitalistic thinking tends to receive in France
you have to appreciate the small steps that are being taken into the right direction rather than to wait for the big
breakthrough. Do not forget that the real issue over there is
the continuing loss of credibility that both the UMP
and the Socialist Party are suffering from. So, at this stage, it is more important to help stave off a slide into
populist extremism in France than to beat up Mr. Hollande for not being a neo-liberal conservative.

AE: In other words, you are worried about the self-destruction of the republican center in France. But you don’t
want to say it out loud.
Nd: Well, okay, we are worried but we do not view the situation as being hopeless.

AE: That is a very lukewarm statement coming from you.
After all, you are notorious for not giving up hope, even
in the most hopeless situations.
Nd: Perhaps: But we still mean it.  
© Landei Selbstverlag, owned by Wilhelm ("Wil") Leonards, Gerolstein, Germany. All rights reserved.

Reminder: Noah denkt™ is a project of Wilhelm ("Wil") Leonards and his Landei Selbstverlag (WL & his LSV). Consequently, all
rights to the texts that have been published under the Noah denkt
brand name are reserved by WL & his LSV.

The commentary and the reasoning that was provided on this page is for informational and/or educational purposes only and it is not
intended to provide tax, legal or investment advice. It should therefore not be construed as an offer to sell, a solicitation of an offer to
buy, or a recommendation for any security or any issuer by WL & his LSV or its Noah denkt™ Project. In fact, WL & his LSV
encourage the user to understand that he alone is responsible for determining whether any investment, security or strategy is
appropriate or suitable for him. And to leave no doubt as to what this means we urge our user to also note our extended

President Hollande’s leadership, Jérôme Cahuzac's dishonesty, French politics, Mr. Hollande's approval
rate, Mr. Hollande's government, Mr. Hollande's  management of the economy, the self-destruction of
France's democratic parties, the self-destruction of France's mainstream parties, the self-destruction of
the republican center in France