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France Going Socialist?

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    Former U.S. Ambassador to the UN John Bolton on the election results in France.

  • Duration 3:07
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Back up to funding I wanna move on to the stock market real fast now because we are getting I'm gonna say it again Euro trashed.

Part of it is France the presidential election that the first round that is Nicholas Sarkozy he came in second that development the socialist Francois -- -- that.

-- you are allowed isn't about socialistic could be it could be the next president ambassador John Bolton joins us right now and that's a lot of the program to be here.

Seems to me that Europe in general is rejecting the austerity.

Cost cutting budget cuts and the French seem to want to go back.

To the not too distant past your take is -- well.

One way or the other day French support for the policy that Germany has been pursuing a force it.

Austerity on the peripheral countries is gonna fail either -- -- wins in the second round which is the more likely outcome.

He has to pay off the extreme left in France Communist Party and what not -- a party moved to support him.

And he won't get support from marine -- -- right wing party.

-- which is very anti Euro so if he wins the the by polarity between Germany and France we've seen for the past couple years gonna disappear now on the other hand -- Sarkozy winds.

He's gonna require support for Marine Le Pen in the 20% roughly the cheek guide.

In this first round and -- she's even more.

Anti the policy of the Germans have been pursuing and the left walker is president Obama's position here who's he route and -- And I he has no position that then that's basically part of the problem they -- the administration I think would like to see.

The European economic problem basically just stop until the middle of November so that a European downturn.

Doesn't affect us but I don't think it's gonna be possible to avoid it not only do you have this election issue in France.

The government of the Netherlands has collapsed -- new elections will be happening there.

It's a small economy but it's been a strong supporter of the austerity push that's gone -- well -- May lose its triple A status very very quickly right there's only four countries in Europe and out AAA that one of them -- lose that debt of Spain is into recession we know that today Germany's manufacturing is contracting.

Is 10% loss on employment throughout the Euro zone all averaging in the Euro zone.

They're in deep trouble -- and they're not gonna get out of it and if you know the contagion is spreading and it goes in part to the fact that the entire structure of the Euro -- was never gonna work over the long term and we are seeing what could be its final crisis this is this crisis moment mean not in the next six months for the next year -- how we -- told that now is the crunch now.

I don't think it necessarily comes right at this moment.

But I don't think it can go much longer you can't prompt another trillion euros into the system is the European Central Bank did at the end of last year and momentarily.

Ease the credit crunch.

And do it again not expected to have ramifications I think Europe is facing corner solutions.

More.

Our Brussels -- the breakup of the eurozone.

Strong stuff business it's it's really incredible fascinating to watch few years ago who would have thought would be sitting here talking about -- unbelievable.

Ambassador John -- always of.

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