Charles Gave on France’s public debt and euro, Digi Mart USA News: Sud Radio reports that economist Charles Gave, a guest of Périco Légasse, offered a bleak assessment of French public finances. He said that over the past fifty years the state has taken in ever more taxes, spent more and borrowed more, yet conditions have worsened.
Gave said France is now at the bottom of the hole and that the mechanism of budgetary bankruptcy has been triggered and cannot be stopped. In his view, the issue is no longer one of budget but of sovereignty, and the country can escape this trap only by becoming fully sovereign again.
Gave also said the economy is stagnating, so the budget deficit will widen because revenues will be weaker. He estimated that France will need to borrow about 340 billion euros, and noted that the public debt stands at roughly 3,500 to 3,600 billion euros, with about one-eighth coming due each year.
He argued that the only way out is to leave the euro, calling the currency an abomination and saying that senior public officials had profited from it. He also criticized Jacques Delors, the former first president of the European Commission, saying Delors believed a European nation had to replace local nations to prevent war.
Gave added that the state must make use of debt, but first it must find 340 billion euros. He noted that tax revenues cover barely 60 percent of French spending and said France is now borrowing to pay interest on past debt, which he described as a Ponzi-style practice.
The source states the publisher article has not been independently verified.
