France has a triple dip recession

May 17th, 2013 at 3:00 pm by David Farrar

This week just achieved the rare distinction of undergoing a triple dip recession.

A year ago France elected a socialist President. Since then the French economy has shrunk for three out of four quarters, with the overall economy 0.5% smaller than a year ago. That compares to around 3% annual growth in New Zealand.

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24 Responses to “France has a triple dip recession”

  1. Sir Cullen's Sidekick (890 comments) says:

    Now our great saviour Shearer will quote France as their model and Norman will support that. When will the people of NZ who support the left losers learn?

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  2. rangitoto (247 comments) says:

    Do they get a prize like winning triple dip in lotto?

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  3. dime (9,980 comments) says:

    lmao

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  4. davidp (3,581 comments) says:

    Labour and the Greens love the sort of policies that socialists implement in countries like France, Argentina, or Venezuela. But hyperinflation and a triple dip recession aren’t the worst things that can happen. Price controls and nationalism have basically made bog roll unobtainable in Venezuela… http://www.telegraph.co.uk/news/worldnews/southamerica/venezuela/10062640/Venezuela-running-out-of-toilet-paper.html . Vote Labour or the Greens and you could end up wiping your arse on ripped up newspaper.

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  5. queenstfarmer (782 comments) says:

    Yet Labour & the Greens want to follow the same prescriptions as Hollande’s Socialists. Borrow, tax, spend, regulate.

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  6. RRM (9,933 comments) says:

    Cheese eating surrender monkeys.

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  7. SPC (5,641 comments) says:

    That other countries in Europe undergoing continuing recession are not ruled by socialist governments is an inconvenience to ideological one upmanship.

    It is simply a fact that with an economic union if other countries are applying austerity regimes then this impacts on the whole of Europe.

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  8. anonymouse (717 comments) says:

    “Triple-dip”
    Isn’t that some kind of Lotto Ticket?
    Sounds like a good discription of many European economies at the moment

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  9. stigie (1,220 comments) says:

    queenstfarmer says…

    Yet Labour & the Greens want to follow the same prescriptions as Hollande’s Socialists. Borrow, tax, spend, regulate.

    Yep, its all fine until the fucking socialists run out of other peoples money to spend !!

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  10. JeffW (327 comments) says:

    Hollande’s great strategy seems to be to get the Germans to pay for a chunk of the French state.

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  11. Ed Snack (1,883 comments) says:

    SPC, sure, but the only European country actually applying (as opposed to mouthing about it and pretending to) austerity is Estonia, and there the economy is now growing strongly. No other country is being austere, unless one takes austerity to mean “spending a lot more but not as much more as we’d like to be able in order to buy more political favours”.

    They’re all running up against the restraint, that almost regardless of various tricks that governments pull to hide their ways, eventually you run out of other peoples money. Or to put it another way, if you consistently penalize investment and hard work and consistently reward entitlement without requiring contribution, then eventually enough people will understand that it pays to do nothing and expect ones living to be delivered on a plate.

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  12. wreck1080 (3,923 comments) says:

    France bumped up taxes and are scaring away the very people who pay the bills.

    I have to admit I’m wrong about Bill English’s surplus prediction – I never believed they’d achieve it so I have some respect for that.

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  13. Manolo (13,837 comments) says:

    Each country get the government it deserves.
    The Frogs elected this socialist lot of losers. Now endure it.

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  14. Slipster (175 comments) says:

    Not too long ago, France was regarded as the second European economic power (after Germany). When they went and elected Hollande, they were warned their economy will go into a tailspin. It did.

    Saying they deserve what they voted for is all very well and true but there is an unpleasant twist to the story: Germany can bail out Greece, Cyprus. Together with before-Hollande France, they might have managed Spain or Italy. But even they can’t bail out France, even with the help of their smaller allies like Belgium and such. The thing is just too big for that, so if the French don’t come to their senses soon, the show when they crash will be nothing short of spectacular.

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  15. Inky_the_Red (760 comments) says:

    That French Socialist government is quite remarkable It has only been in a year and already caused a triple dip recession.

    For the first three year’s of the Key government all the bad economic statistics were the previous government’s fault. In France the current socialist government is not only responsible for the entire economy from the day they got elected but are also responsible for that of the previous four year of their Conservatives. It is strange how the right justify the world

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  16. Inky_the_Red (760 comments) says:

    I know I am off topic. However I am also sick to death of the Greek people for being blamed for Germany banks making loans to Greece. The banks should have done their homework and made sure that the loans could be paid back. The Germany banks should take the loss and stop putting out the begging bowl for the dodgy loans they provided

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  17. davidp (3,581 comments) says:

    Ed Snack>No other country is being austere, unless one takes austerity to mean “spending a lot more but not as much more as we’d like to be able in order to buy more political favours”.

    Too true. Even Greece’s government is spending more this year than they did five years ago.

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  18. James Stephenson (2,191 comments) says:

    How many more times does it need to be stated, that reducing the rate of increase in government spending, is not austerity?

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  19. OneTrack (3,114 comments) says:

    Inky -Greeces problems deeper than a few failed loans. But, on that subject, what are the Greens and Labour talking up -giving cheap loans to people who possibly cant really afford it. And what happens if a bank refuses a loan to such a client. They will be pilloried by the left for just being fat cats. Think of the poor -they want their own home too. How did the GFC start -exactly that.

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  20. slijmbal (1,236 comments) says:

    “That other countries in Europe undergoing continuing recession are not ruled by socialist governments is an inconvenience to ideological one upmanship.”

    look at the tax burden as a %age of GDP – the top 20 countries are all European – except for Lesotho, Kiribati and Cuba

    High tax = socialist with the odd exception.

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  21. Roflcopter (463 comments) says:

    Must be because every French person now owns a white flag… the factories have nothing to do.

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  22. gump (1,650 comments) says:

    I am no friend of the left wing.

    But correlation doesn’t imply causation.

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  23. Bogusnews (474 comments) says:

    I’m really happy with the budget and the governments direction overall.

    I’ve always thought they were too timid, but hey, who cares. The economy is growing strongly, we’ll soon be out of deficits (a stunning achievement), unemployment is down and a raft of other stats show things are coming right.

    Now hopefully NZ’ers won’t be so bloody stupid as to reelect the half wits that put us into the disaster we had in early 2008. Let’s all learn from France shall we.

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  24. Doctor Who (52 comments) says:

    RRM (7,207) Says: May 17th, 2013 at 3:35 pm. Cheese eating surrender monkeys.

    Ignoranus

    Roflcopter (305) Says: May 17th, 2013 at 9:13 pm. Must be because every French person now owns a white flag… the factories have nothing to do.

    Ignoranus

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