Actually, it was Obama who took a page right out of the book of Euro socialist Kleptocracy.
The French politician who said Indian steel company ArcelorMittal should leave the country has told CNBC that his government is only acting like Barack Obama.
Industry Minister Arnaud Montebourg, a member of the governing Socialist party, caused controversy last week when he said that the Indian company, which employs close to 20,000 people in France, should leave after it said it would have to close down a factory.
The French government announced on Thursday that it could nationalize the factory in question, with backing from an unnamed businessman.
The news raised the specter of the nationalizations of the early 1980s, which were instigated by Hollande’s predecessor Francois Mitterrand.
Montebourg told CNBC after a meeting with trade unions in Paris: “Barack Obama’s nationalized. The Germans are nationalizing. All countries are nationalizing. I’ve also noticed the British nationalized 6 banks.”
Speaking of Euro-socialism, it ain’t working out so well.
The jobless rate in the recessionary euro area rose to 11.7%. Inflation fell from 2.5% to 2.2% in November.
The unemployment rate continued its steady rise, reaching 11.7% in October, up from 11.6% the month before and 10.4% a year ago.
A further 173,000 were out of work across the single currency area, bringing the total to 18.7 million.
The respective fortunes of northern and southern Europe diverged further. In Spain, the jobless rate rose to 26.2% from 25.8% the previous month, and in Italy it rose to 11.1% from 10.8%.
In contrast, unemployment in Germany held steady at 5.4% of the labour force, while in Austria it fell from 4.4% to just 4.3%.
Obama’s application of Euro/Keynesian economics is the conduit through which he intends to transform the United States into government-controlled distribution of economic and natural resources.
Obama targets free market economic survival, and pushes government mandates to strangle it.
Karl Marx couldn’t have come up with a better tactic.