Your Survival Guy was at the gym yesterday, speaking with an acquaintance who winters in Nice, France.
I hadn’t spoken with him since my return from burning Paris, and we talked about the riots.
“That isn’t happening in Nice,” he said.
“The education system there is excellent because, in France, localities and families fill the gap in costs not covered by the state. It’s like state colleges here, but even here, they’re hardly free. They’re close to free in France. There’s just not enough money to go around anymore.”
Shocker.
Not long ago, it was President Macron who lamented that France doesn’t have a spending problem (really?); it has a revenue problem.
France hasn’t balanced its budget since 1974.
The middle class is getting skewered, forced to send their children to private school and live in a country they no longer recognize.
Action Line: When the money runs dry, there will be changes. The bond market has been awakened. No more free lunches. Hard decisions will be made.
