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Unreal. This is Bruno Le Maire, France's Minister of the Economy. You might know him as the genius strategist who said he was going to "cause the collapse of the Russian economy"... Now he is straight out declaring that Europe has run out of money (it "does not have sufficient financial reserves") and that they need to "mobilize all the savings of Europeans" that are "currently dormant in European bank accounts" in order to finance the future, including Europe's "defense effort". This is a complete and direct translation of what he said: "I am at the Council of Ministers of Finance in Ghent, Belgium, and I just raised a fuss because the capital markets union is not progressing. What is the capital markets union? It's the ability to mobilize all of Europeans' savings - 35,000 billion euros - to finance the climate transition, fund our defense efforts, and invest in artificial intelligence. Since things aren't moving forward with all 27 members, I proposed that we move forward on a voluntary basis with a small number of member states to propose a European savings product in the coming months, to propose European supervision of capital markets to ensure that regulation works well, and therefore to raise several tens of billions of euros to finance our growth and prosperity. Europe cannot economically weaken as it has been doing for several months because it does not have sufficient financial reserves. Europe cannot miss the climate turning point because it does not have sufficient financial reserves. Europe cannot miss the artificial intelligence turning point because it is unable to agree on this capital markets union and make Europeans' savings work. 35,000 billion euros lying dormant today in European bank accounts instead of fostering Europe's prosperity tomorrow, instead of financing artificial intelligence, instead of financing the climate transition, is no longer acceptable. That's the gist of my rant this morning in Ghent." Quite unreal... All the more coming from a country, France, that ALREADY collects some 50% of the country's GDP in taxes, the second highest in the world (after Denmark, another EU country). On top of that you need to get into people's savings? 🤨 And immensely ironical that mister "I'll collapse Russia's economy" comes back to us 2 years afterwards, telling us "Europe cannot economically weaken as it has been doing for several months", we need to take your savings... When Russia's economy, far from collapsing, has been growing faster than all European countries. All this in part to "fund our defense efforts", likely a code for "send it to Ukraine", the most corrupt country on the continent currently fighting an endless money pit war that it has no chance of winning. Pure madness.