Tuesday, April 01, 2014

Bad day for socialism and a good day for common sense in France

(My new American Thinker post)

It's always difficult to compare US politics to France. However, there must be some Democrats reading the news reports coming from France.  By any account, the left lost big:
"The Socialist losses were devastating.
Although, as expected, the party hung on to Paris, where Anne Hidalgo becomes the capital’s first female mayor, the rest of the country snubbed the ruling party.
Among the more dramatic losses were Toulouse, a city in the south-west that it had thought was safe, Roubaix  and Tourcoing, two industrial cities in the north with a deep left-wing heritage, and a string of other cities, including Amiens, Caen, Tours, Reims and Limoges, held by the left since 1912.
Even some towns in the Paris region, which had been governed by Communist Party since the second world war, such as Villejuif, swung to the right.
The centre-right UMP was the primary beneficiary of this disillusion, and of a high abstention rate.
Overall, the second-round result gave the combined mainstream right 46% of the vote, compared with 40% for the Socialists, Greens and other left-wing parties. This translates into 572 mayors for the right in towns of a population over 10,000, to 349 for the left, reversing the outcome in 2008. Jean-François Copé, the delighted head of the centre-right UMP party, called the result a “blue wave”.
The other second-round victor was Marine Le Pen’s populist National Front. To add to Hénin-Beaumont, a town that her party already won outright in a first-round vote on March 24rd, she picked up ten others. They include Fréjus and Béziers in the south, a string of smaller towns, and an arrondissement of Marseilles that represents fully 150,000 people. The only town that had looked winnable but which the National Front failed to grab in the end was Forbach, where her party’s number two, Florian Philippot, was standing."
Bad day to be a socialist!

France is an economic mess, as reported by The New York Times. Unemployment is 11% or just below the European average of 12%.

The BBC is more specific:
"The number of job seekers without any work rose by 31,500 last month, one of the biggest monthly increases of the past year. The overall number - including those working part-time - is almost five million.   
Today it was announced Mr Hollande's government missed the deficit target of 4.1% it had promised EU partners it would meet.  
It must cut deeper.   
Higher taxes (which some on the left have labelled "punishment" of the rich) seem to be scaring employers away.
According to the UN, foreign direct investment in France fell by a staggering 77% last year."
The problem with French socialism is the same with any other type of socialism. It does not work for those paying taxes and supporting an ever growing number of people getting a check from the state.

It drives away investors, as we've seen in France.

It does not create prosperity, unless you have a government job or run a company supported by "crony capitalism". 

Even the French are tired of socialism!   I feel good about the future writing that!

P. S. You can hear CANTO TALK here & follow me on Twitter @ scantojr.   This is our "France" show from last Friday:


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Some thoughts about doing business in Chile

We discussed the importance of learning Spanish given all of the US-Latin America trade and commerce.  
Our special emphasis was Chile, one of the most exciting economies in the world.   
According to the US government, we do a lot of business with Chile:
"U.S. goods and services trade with Chile totaled $29 billion in 2011 (latest data available for goods and services trade). Exports totaled $19 billion; Imports totaled $10 billion. The U.S. goods and services trade surplus with Chile was $9 billion in 2011.
Chile is currently our 27th largest goods trading partner with $28.3 billion in total (two ways) goods trade during 2012. Goods exports totaled $18.9 billion; Goods imports totaled $9.4 billion. The U.S. goods trade surplus with Chile was $9.5 billion in 2012.
Trade in services with Chile (exports and imports) totaled $4.2 billion in 2011. Services exports were $3.0 billion; Services imports were $1.2 billion. The U.S. services trade surplus with Chile was $1.8 billion in 2011.
Exports
Chile was the United States' 19th largest goods export market in 2012.
U.S. goods exports to Chile in 2012 were $18.9 billion, up 18.1% ($2.9 billion) from 2011, and up 624% from 2002. U.S. exports to Chile are up 596% from 2003 (Pre-FTA).
The top export categories (2-digit HS) in 2012 were: Mineral Fuel (oil) ($6.0 billion), Machinery ($3.1 billion), Vehicles ($1.9 billion), Aircraft ($1.4 million), and Electrical Machinery ($1.2 billion).
U.S. exports of agricultural products to Chile totaled $698 million in 2012. Leading categories include: feeds and fodders (excluding pet foods) ($128 million), red meats, fresh/chilled/frozen ($97 million), wheat ($79 million), and dairy products ($63 million).
U.S. exports of private commercial services* (i.e., excluding military and government) to Chile were $3.0 billion in 2011 (latest data available), 23.4% ($572 million) more than 2010 and 120% more than 1994 levels. It was up 193% from 2003 (Pre-FTA). Other private services (business, professional, and technical services and financial services), and travel categories accounted for most of the U.S. exports in 2011.
Imports
Chile was the United States' 39th largest supplier of goods imports in 2012.
U.S. goods imports from Chile totaled $9.4 billion in 2012, up 3.4%, ($307 million) from 2011, and up 148% from 2002. U.S. imports from Chile are up 153% from 2003 (Pre-FTA).
The five largest import categories in 2012 were: Copper ($3.2 billion), Edible Fruit and Nuts (grapes, blueberries) ($1.4 billion), Fish and Seafood (salmon fillets) ($988 million), Wood ($564 million), and Inorganic Chemicals ($424 million).
U.S. imports of agricultural products from Chile totaled $2.5 billion in 2012, the 9th largest supplier of Ag imports. Leading categories include: fresh fruit ($1.2 billion), wine and beer ($344 million), planting seeds ($338 million), and processed fruit and vegetables ($243 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were $1.2 billion in 2011 (latest data available), up 7.3% ($84 million) from 2010, and up 40% from 1994 levels. It was up 98% from 2003 Pre-FTA). Other private services (business, professional, and technical services), other transportation (freight services), and travel categories accounted for most of U.S. services imports from Chile.
Trade Balance
The U.S. goods trade surplus with Chile was $9.5 billion in 2012, up 37.5% ($2.6 billion) from 2011.
The United States has a service trade surplus of $1.8 billion with Chile in 2011 (latest data available, up 37.7% from 2010.
Investment
U.S. foreign direct investment (FDI) in Chile (stock) was $34.2 billion in 2011 (latest data available), a 12.1% increase from 2009.
U.S. direct investment in Chile is reported mostly in the finance/insurance and manufacturing sectors. 
Chile FDI in the United States (stock) was $362 million in 2011 (latest data available), down 5.5% from 2010. 
There was no information on the distribution of Chile FDI in the United States. 
Sales of services in Chile by majority U.S.-owned affiliates were $8.4 billion in 2010 (latest data available), while sales of services in the United States by majority Chile-owned firms were $398 million in 2010."
The bottom line is that there are great business opportunities for US companies in Latin America, and specially Chile.
Click here for the show:



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