Stay Tuned
Time to take bets on Frexit and the French franc? ... We have a minor earthquake in France. A party committed to withdrawal from the euro, the restoration of French franc, and the complete destruction of monetary union has just defeated the establishment in the Brignoles run-off election. It is threatening Frexit as well, which rather alters the political chemistry of Britain's EU referendum. Marine Le Pen's Front National won 54pc of the vote. It was a bad defeat for the Gaulliste UMP, a party at risk of disintegration unless it can find a leader in short order. President Hollande's Socialists were knocked out in the first round, due to mass defection to the Front National by the working-class Socialist base. The Socialists thought the Front worked to their advantage by splitting the Right. They have at last woken up to the enormous political danger. The Front National is now the most popular party in France with 24pc according to a new Ifop poll. – UK Telegraph
In our
quest to quantify what we call the Internet Reformation, the Telegraph's Ambrose Evans-Pritchard is sometimes
helpful because of his skill (unusual in the mainstream media) in integrating
business and economic trends with political ones.
This
article, excerpted above, is a good example of how he does it. It seems once
again to support our own perspective that the 21st century is a good deal
different from the 20th and what we call the power elite is having a harder
time than ever establishing and maintaining its dominant social themes.
In the US,
we see ongoing changes stemming from an inchoate Tea Party movement,
which in our view is a version of libertarianism. And as we've often pointed
out, libertarianism, appealing both to social libertarians on the left and
economic libertarians on the right, is quite possibly the biggest political
movement in the US.
In England
you've got UKIP, a libertarian
leaning organization that wants to take Britain out of the EU. And now, in
France you've got the Le Pen Front National – a party that used to be
considered fascist and racist
but which, under the leadership of the charismatic Marine Le Pen, has become
somewhat left-libertarian, though admittedly more left than libertarian.
Evans-Pritchard
does us the service of alerting us to this development. Here's more:
Both the two great governing parties of the post-War era have fallen behind for the first time ever. The Gaullistes (UMP) are at 22pc, and the Socialists at 21pc. I am watching this with curiosity, since Marine Le Pen told me in June that her first order of business on setting foot in the Elysee Palace (if elected) would be to announce a referendum on membership of the European Union, with a "rendez-vous" one year later:
"... Europe is just a great bluff. On one side there is the immense power of sovereign peoples, and on the other side are a few technocrats." Asked if she intended to pull France of the euro immediately, she hesitated for a second or two and then said: "Yes, because the euro blocks all economic decisions. France is not a country that can accept tutelage from Brussels."
Officials will be told to draw up plans for the restoration of the franc. Eurozone leaders will face a stark choice: either work with France for a "sortie concerted" or coordinated EMU break-up: or await their fate in a disorderly collapse. "We cannot be seduced. The euro ceases to exist the moment that France leaves, and that is our incredible strength. What are they going to do, send in tanks?"