The Wall Street Journal reports LVMH’s Paris Headquarters Stormed by Protesters
Demonstrations against Macron’s pension overhaul spill over into other facets of France’s establishment
Protesters stormed the headquarters of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE on Thursday as the nationwide protest movement against President Emmanuel Macron’s pension overhaul morphed into a populist rebuke of France’s establishment.
Pension Reform at Heart of Protests
On March 28, I commented French Pension Reforms Trigger Strikes, Arson, and Riots. Prelude to the US?
What Happened?
President Emmanuel Macron upped the retirement age from 62 to 64 and placed further restrictions on collecting a full pension.
He did this unilaterally, by decree.
Under the French constitution, the president can enact laws without a vote in Parliament if he can survive a vote of no confidence.
Macron barely survived a vote of no-confidence by just nine votes. 278 voted in favor, with 287 needed.
Protest in Paris
Protests in Toulouse
Protest at the Blackrock head office in Paris
Railway workers invade Louis Vuitton HQ
Railway workers invade Louis Vuitton HQ as protests erupt across France on eve of decision on retirement age
The number of economic illiterates on Twitter in support of these riots is stunning. People are living longer than ever with fewer workers paying into pension plans and in the US into Social Security.
US Social Security
By 2035, the basic US system known as Social Security will no longer be able to cover payments, forcing a 20% reduction in benefits, according to its trustees.
That is hardly the worst of it.
Many public union pension plans in the US, especially politically corrupt states like Illinois, are realistically insolvent.
Yet, the fools in Illinois voted to enshrine pension promises in the constitution.
PATCO Solution
I support the Ronald Reagan approach.
Fire all public union workers who strike. In fact, public unions ought not exist at all in the first place. That is where the real problem is.
Now we are saddled with pension promises that cannot possibly be met all because corrupt politicians get in bed with corrupt union leaders screwing the ordinary taxpayer.
For discussion, please see Democrats, Here’s Your Chance to Get Rid of Bad Police
Ronald Reagan smashed PATCO, he did not go far enough. He should have smashed all the public unions.
The fact of the matter is simple: Public Unions Have No Business Existing: Even FDR Admitted That.
Yet, the protests are understandable, even if the math is prohibitive.
Fiscal deficits and inane Fed policy, central bank policy in general, have benefitted those with first access to money (banks, the already wealthy, and government cronies) at the expense of everyone else.
But the solution is not more free money and benefits,
This post originated on MishTalk.Com.
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Mish
I also wonder why the protesters have not had their trail yet. Guess the Justice dept was hollowed out during 2016-20 and COVID slowed processing of cases down. In the meantime, they are enjoying their freedom.
ultra-nationalist political ideology and movement, characterized by a
dictatorial leader, centralized autocracy, militarism, forcible
suppression of opposition, belief in a natural social hierarchy,…”
ultra-globalist political ideology and movement, characterized by a
dictatorial leadership, centralized autocracy, militarism, forcible
suppression of opposition, belief in a natural social hierarchy….
“Maintenant, Macron, le deluge arrive!”
France has enough money to help the neo Nazis in the Ukraine against the commie Russians but not pay its own citizens. Life in the 21st century where all governments are enemies of their people.