David Friedberg: France’s Crisis Is a Warning for America
“France is a bellwether for the West.
So take a look at this chart. This chart is a measure of public spending as a percent of GDP.
And you can see the comparison of France's public spending as a % of GDP to the peak public spending as a % of GDP of major communist nations.”
@Chamath:
“So do you think France is a communist state? They spend like it.”
@Jason:
“Well, it's certainly been a socialist state, right?”
Chamath:
“Is it working?”
@Friedberg:
“That's my point. And I think this is such a prescient lesson for the West to look at.
We all think that there's some political problem with Macron or whoever it was.
The more the government spends, the worse the conditions get for its people, not the opposite, and then the people riot and revolt.
Take a guess where the US is today. US public spending is roughly 36% of GDP. France today is operating its national government spending deficit is 5.4% of GDP. The US is actually 6.2% of GDP.
France is, I think, probably the first to go because they're only growing their economy at half a percent while the US is growing at 2.3%.
So we're still kind of hanging on because we have some degree of economic growth that's allowing us to kind of hold things together.
But I would argue that we are facing the same sort of fiscal cliff which leads to this extraordinary social unrest as France.
All the economic measures are aligned, we're at the same rate, we're at the same set of problems, and we're starting to see the cracks in the system.
There's probably a multi-year solution.”
I'm a little bit confused 🤔 he's reborn, grows up and finds his widowed wife... but she hasn't aged by the logical minimum of 20 years?
Title: Chances Are 1989 (let's find out)
Two entrepreneurs left the Sharks STUNNED after revealing their “invisible panties” made $180,000 in only 11 months before securing a $300,000 deal with Barbara Corcoran for 3% equity and a 22-cent royalty on every pair sold forever 😳👀
Am I the first to hold @KaneMayfield's Creator From Jekyll Island Pepe Edition (Field Edition)? Probably.
The Copyright and Intro are worth the price all by themselves. Then you get to read the book for free.
https://t.co/LeY10gUV3Z
I need a different word that describes this behavior...
🪖《BooksMaxxing》🐸
Yeah that feels right
This is how you stay garrisoned, with a fully fortified stronghold & peak hydrationings to provide enrichment for ur family
This is a man who thinks ahead
Fucking visionary
Last Vegas is super brilliant movie, and it proves you’re never too old to party, fall in love, and make questionable decisions with your best friends. 😂🎬🍿
Tom Skerritt, the plucky and handsome actor who charmed audiences on both the big and small screen in titles ranging from “Top Gun” to “Picket Fences,” has died. He was 93. https://t.co/JWetXCKb6S