Charles Gave on France

“France has economic problems that are particular to its political culture. While speculative excesses in Spain and Ireland were concentrated in an over-built, over-geared real estate sector, French exuberance was a civil service affair. (Remember the adage: too many houses in Spain, too many factories in Germany, too many civil servants in France)…As a result France is the only country that we follow which has seen the public sector grow faster than the private sector in every year since 1987!” (emphasis mine; h/t Zero Hedge)

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