Greetings, Earthlings.
Two weeks ago, in front of an audience of Japanese business leaders, French President Francois Hollande brazenly declared that "the crisis in Europe is over." Based solely on this comment, it cannot be precisely pinpointed upon which planet Mr. Hollande currently resides. (Perhaps Angela Merkel should contact the European Space Agency.)
Right now, the Eurozone is barely treading water. Unemployment has hit an all-time high of 12.2 percent; bad bank loans are putting Slovenia at risk of becoming the sixth nation to require a bailout; and the Greek government had to reshuffle its cabinet after it lost one of its coalition partners, making reform that much more difficult. And all of that bad news is just for the month of June.
Also, it's not like things are going well in France. The country recently entered another recession, and its large social welfare programs are causing France's budget deficit to miss the European Union target of 3 percent.
Mr. Hollande should try to be optimistic. Any psychologist will tell you that there is power in positive thinking; there is none, however, in wishful thinking.
(AP image)
