French President Nicolas Sarkozy called on European nations to create sovereign wealth funds as part of a "United European response" to the broadening economic crisis. In a speech to the European Parliament, Sarkozy said member states should use the funds to snap up stakes in cheap domestic industries to ensure "European companies are not bought up by non-European capital while their stock exchange values are low."
Um ... excuse me, but don't you need actual wealth to create a sovereign wealth fund? How is Sarkozy proposing to create this fund ... by increasing his already large deficit or by taxing folks who could otherwise make these investments themselves? Stupid idea of the month, in a month that has seen more than its share of stupid ideas.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment