Europe – update (2)

In my May post commenting on the economic demise of Europe:

I mused:

What my crystal ball shows are vindictive, envy-driven, Bolshevik-styled legislative attacks on “the rich”. (…) This will lead to a mass exodus of the top social tier from Europe (much like from Russia in 1917). Then the governments will have “no choice” but to freeze the assets of those being targeted but trying to slip out. (…) I believe the events will unfold quickly and before the end of 2012 we will see some signs of the approaching storm.

The follow-up post:

further predicted:

While France is taking a sharp turn to the left the economy nose dives.(…) There is already evidence that the wealthy are fleeing Greece and buying property in London. The France’s “rich” will follow suit.

With the end of the year approaching it is time to check how the unfolding events correspond with my predictions.

France’s luxury property market has hit a selling ‘panic’ as millionaires rush to flee the socialist government’s looming  tax hikes, a leading estate agent has revealed. More than 400 Paris homes worth more than €1million have been put on the market since President Francois Hollande came to  power in May – more than double the same period last year.

Much as predicted the wealthy are fleeing France. And we are not talking only about the inbred, inherited wealth here:

And the profile of those who are leaving has changed, from the idle rich to managers of major international corporations and entrepreneurs who are scared of a marginal tax rate of 62.21 percent on sales of  stock.

So France is losing the brightest and most entepreneurial segment of the population (much like Russia in 1917…). The following article provides more examples:

Depardieu has become the latest wealthy Frenchman after luxury magnate Bernard Arnault to look for shelter outside his native country following tax hikes by Socialist President Francois Hollande

So, what numbers are we talking about?

The “Cyrano de Bergerac” star bought a house in the Belgian village of Nechin near the border with France, where 27 percent of the population is composed of French nationals, local mayor Daniel Senesael told French media on Sunday.

27% – ou la, la. And what do the French socialists think about Depardieu’s move?

Yann Galut, a Socialist member of parliament, condemned the actor and proposed that France copy U.S. practice by adopting a law that would force exiles to pay full tax dues or risk being stripped of their nationality. “It is scandalous and shameful,” Galut told Reuters in an interview.

Stripping them of their nationality may sound great but good ol’ asset freezing would be even more effective. In the meantime it does not hurt to publicly denounce the rich:

Depardieu’s move comes three months after Arnault, chief executive of luxury giant LVMH, caused an uproar by seeking to establish residency in Belgium – a move he said was not motivated by tax reasons. The left-leaning Liberation daily reacted with a front-page headline next a photograph of Arnault telling him to “Get lost, you rich jerk”.

During the Cultural Revolution in China the “enemies of the people” had to stand by the roadside to be spat at by the proletariat. The French Marxists are a bit more cultured so maybe, for a time being, they will just keep publishing abusive insults in daily newspapers.

Other thrusts of the socialist agenda are also progressing well in France:

Here is something you probably didn’t know about France: its President has the power to abolish homework. In a recent speech at the Sorbonne, François Hollande announced his intention to do this for all primary- and middle-school students.(…) M. Hollande … is a socialist. His reason for exercising his powers in this area is to address an inequity. He thinks that homework gives children whose parents are able to help them with it—more educated and affluent parents, presumably—an advantage over children whose parents are not. The President wants to give everyone an equal chance.

Bizarre, is it not? But, then again, all Marxism is. Until it takes over and madness becomes a new norm.

Europe – update (3)


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