Thank you to Nicolas Sarkozy for providing such a dramatic and timely re-enforcement of my Tuesday column (see below). No sooner had I subtly insinuated that he was going crazy, then he took to the stage at the European Parliament and gave a speech calling for the creation of a European sovereign wealth fund. Its mission – it seems – would be to buy up strategic chunks of European industry.
The global financial crisis seems to have liberated Sarkozy to give public voice to the kind of stuff that French politicians normally save for late-night drinking sessions - capitalism needs taming, the Americans are crazy, we can’t have the Asians buying up our businesses, why can’t the state subsidise more big industrial projects…etc, etc. It’s all coming out. Read more