www.armstrongeconomics.com
Angela Merkel was the first phone Emmanuel Macron made after the
election. My point about the election for Macron was the worst possible
outcome for the Euro was not just reflected in yesterday’s outside
reversal to the downside. Merkel has already made it clear that she will
not relax Eurozone spending rules to help Macron. The defeat of Le Pen
has sealed the fate of Europe because there will be no reflection upon
how to reform the EU to save Europe.
Only a sublime idiot would now think everything in Europe will be
just great. We are looking at a major hard landing for Europe. Keep in
mind that local governments even in the USA are doomed for all they can
do is raise taxes further crushing their population and destroying their
own economy.
Nonetheless, there is a lifetime in politics between the May victory
for the establishment in France with Macron who cannot possibly help
calm France and the election of Merkel in the fall. The biggest
disappointment of Obama was being the first Black President, hopes were
so high for a real change. When everyone saw he did the same thing as
Bush, this set the stage for the Trump victory. Republic or Democrat
offered nothing.
Our computer was correct in forecast the mainstream political parties
in France would be defeated. That took place. Now the expectations are
so high for Macron to change things, when the French people realize he
is the same as what they had under Hollande, the backlash can still come
before the German elections. The civil unrest in France is
unbelievable. The tension there you can cut in the air with a knife.
Macron will fail and with him, the dream of Brussels.
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