Wait long enough and the coin always flips to the other side. The rumor circulating is that NY Federal prosecutors are at last looking to file criminal charges against bankers from the Royal Bank of Scotland and J.P. Morgan for selling faulty mortgage-backed securities that the KNEW was bogus. The cycle has turned. Bankers better be on guard when the economy turns down even harder, thanks to structured deals of debts to hide problems, as in Greece. Those in decision-making positions may find themselves criminally charged as the people become pissed off at politicians and the corruption. You can argue all you want against cycles, but everything runs its course and then flips. There is no exception. Our model on the banker fortunes turned in 2013. We have seen huge fines and the Europeans are getting out of the game.
Do politicians ever really care about society? President Hollande wants to change the French Constitution, but he also wants to extend the state of emergency indefinitely. Why? Is this really about terrorism? Sure, more than 80% of the French are willing to give up civil liberties for security, just as Americans responded after 9/11. That is the problem, for once power is given to government it is never returned. That is just a fact of life.
However, it now turns out that France cannot meet the EU criteria, as was the case for Greece. Therefore, the politicians in power want to extend the state of emergency because that exempts them from all EU economic criteria. Nothing but nothing can ever be just straight up. Increase your security, of course. That’s understandable. But to extend a state of emergency for political purposes seems to be a secret political bonus.
The euro is doomed anyhow. This just illustrates that the second largest member is also in the same position as Greece. They are using the siege of Paris as their get out of responsibility card in this game of Monopoly.