Posted on 04/10/2006 9:25:00 PM PDT by TigerLikesRooster
France Surrenders By Rich Smith (TMFDitty)
Mon Apr 10, 4:15 PM ET
And so it ends, as it always seems to do, with France surrendering.
As you've probably heard, weeks ago, France introduced a new law aimed at either (depending on your point of view):
victimizing young workers and leaving them open to arbitrary and capricious firings by malicious employers; or reassuring employers that they can hire inexperienced workers, secure in the knowledge that if for some reason "it doesn't work out," they will have up to two years in which to change their minds.
The law sparked demonstrations in the streets, with millions of people marching, and a few of them even rioting. Guess which of the two views above the marchers espoused?
So today, France caved. President Jacques Chirac "decided to replace Article 8 of the law on equal opportunities with measures in favor of the professional insertion of young people in difficulty." Not sure what "professional insertion" is? Neither am I, exactly (although it sounds rather unsavory). But according to news reports, the upshot is as follows: workers age 26 and under will, once hired, still be guaranteed the same lifetime employment that their older comrades have come to depend on.
Great news for the workers, but less so for local companies and foreign investors. They still have to weigh the risks every time they want to hire a worker: what happens if the worker proves lazy, incompetent, dumb as a bollard, or all three? Plus, there's the ever-present question of how to streamline a workforce to meet changing economic conditions.
The government's solution? Bribe 'em. At a cost expected to reach $360 million per year, France will encourage companies to create subsidized jobs for inexperienced young employees.
So instead of taking a step toward free trade in services and economic efficiency, France will wade further into state involvement in the economy. Just as it did when warning Wal-Mart (NYSE: WMT - News) to stay away from Carrefour, and Pepsico (NYSE: PEP - News) from Danone (NYSE: DA - News). Just as it did when "suggesting" that BP (NYSE: BP - News) and Total SA (NYSE: TOT - News) lower their prices on gasoline. And just like last year, when the same Prime Minister who set up today's fiasco demanded that Hewlett-Packard (NYSE: HPQ - News) renounce a wave of layoffs it had scheduled for France.
The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun. (Ecclesiastes 1:9)
At least in France.
Total SA is a Motley Fool Income Investor pick.
Fool contributor Rich Smith does not own shares of any company named above.
I still say we should start a betting pool. When will the Sixth Republic take over? 2007? 2008? And will it be in Arabic?
"Great news for the workers..."
BAD news for workers as the French economy continues to stagnant and prices and unemployment rates rise. Socialists have simply never been able to understand the simple, old adage that there is no such thing as a free lunch
Poor Chirac -- born without a backbone. This must be hereditary and common within the French bloodline.
"And will it be in Arabic?"
Can I just bet "yes" on that, and not pick a year?
As usual.
I raise your bet and say that we will have a Southern French Caliphate and a Northern Nationalist Union divide up the France and duking it out.:)
France surrenders...after massive demonstrations. Unfortunately, that will probably be our epipath.
sorry, got my p's and t's crossed. Meant EPITAPH!
And they will both demand seats on the UN Security Council.
And they'll get them.
And the Ambassador of the Northern Nationalist Union to U.N. is "Bridgette Bardot," a staunch supporter of National Front (and PETA.) :)
That should read "France Surrenders Again". This time the Germans didn't even invade.
Sadly, so have we.
How dare you claim we surrendored to illegal immigrants.
Cleary we don't even have to balls to fight them in the first place.
Sadly, our "leaders" will be writing one on immigration "reform." /s
I take this year LOLOLOL!
Tiger DUH I am not suprise about Frogs if they didn't surrender I be so disappoint with the French LOL!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.