– Happy Holidays Hollande: French Joblessness Surges To Another New Record High (ZeroHedge, Dec 24, 2014):
Having proclaimed the creation of jobs-jobs-jobs as his mandate when elected in 2012, Francois Hollande has so far overseen the loss of nearly 600,000 French jobs. At 3.488 million, French joblessness has never been higher (and French bond yields never lower) and has ben rising – practically unabated – for the 31 straight months since his ‘raise taxes on the wealth’ election (and 42 months straight overall).
The cries for lower rates and Sovereign QE remain but, we ask in a desperate plea for sanity, what is it that QE-driven lower-rates will do going forward that they have utterly failed to do for the last three-and-a-half years?
Chart: Bloomberg