Charles Gave, who is both French patriot and French critic, is getting increasingly disturbed about the prospects for France. I have said for some time that I think the final test for the Eurozone will be France. If Europe and the euro can get past the dissolution of French debt, then the euro will no longer be an experiment. France is going to have to restructure its method of operation, which will not be easy given the French character. When farm subsidies go on the chopping block, then the Avenue des Champs-Élysées will be the scene of farm tractors and burning tires. Will Germany and the Netherlands write a check, or release the hounds of the ECB? At what cost austerity for France? Other than being sad, this will be très amusant.

“Until quite recently, my working assumption was that a full-blown French debt crisis would occur between 2014 and 2017. In light of the extraordinary malfeasance of the current government I have changed my mind and believe that France is now extremely near to that abyss. Fasten your seat belt in Europe – the world’s last truly Communist country is about to implode.”