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Former U.S. Ambassador to the UN John Bolton on the impact of France’s recent presidential election.
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Prize get of the debt crisis overseas I'll come right out and say that Europe is flat broke socialism is -- over that.
The European Union simply can't afford what they've gotten used to -- -- John Bolton former US ambassador to the United Nations is in DC and he joins us now mr.
ambassador.
I'm saying European socialism is flat out dead because -- broke do you agree with -- Well I think it's -- intellectually but it's alive politically I think the election of Francois hole on -- President of France this past Sunday I think the rise of extremist.
Leftist parties in Greek elections and disarray in that local elections in.
Italy and Germany showed that a lot of the voters are still attracted to that promise that they can have their cake you needed to.
I think that just exacerbates the European crisis makes it even worse -- I think you were indicating now the left is saying now Europe is not broke.
It can just -- on print some more money it's not broke not -- that's the mantra that we keep Terry I'm just gonna roll a brief sound -- for mr.
ambassador.
It's from a gentleman that we -- -- the program yesterday.
He'd written a book saying Europe is great -- Europe is -- Europe's promise was the name of the book and this is what he had to say on -- program yesterday -- The eurozone has less debt than we have as a eurozone and -- not addressing the key problem.
Europe is broke the Euro zone in the EU is not broke it all.
Alright that's what they keep saying Euro -- not broke not broke not broke print money print money print money and you say.
Well that's great day if you add in Germany of course which didn't go through some major.
Restructuring and its workforce.
And and labor laws some years ago and actually benefits from the problems of the European periphery.
But I think the German electorate has had it with the assistance they've -- given to the states that are broke nobody's got policies for economic growth.
There there at the edge of the cliff -- and the voters in France I think just pressed the accelerator -- Does the indebtedness.
All over the world especially Europe and North America.
Does that affect forget economics for second does that affect the balance of power law between nations -- -- world today.
Well I think the most.
-- effect it has we can see in this country is we cut our defense budget very dramatically it makes it difficult to sustain.
The projection of American power which we need to protect our economy you know strong American international presence.
Is key to sustained prosperity at home and that is very much at risk our adversaries.
Can see that competitors like China and Russia and others.
So I think I think this prolonging the economic crisis at home weakens -- overseas even apart from.
The fact that President Obama is very comfortable with that -- to Begin with.
What do you make of the German French relationship it was the backbone of Europe -- a couple of generations.
Now they seem to have a divide between them.
What happens and what what do you make of this switch in the relationship.
Well I think it could mean a further crisis of of governance inside the European Union you know a lot of commentators are writing that.
A law and is basically gonna have to adopt Sarkozy is policies they're gonna have to come into alignment with Merkel.
I tell you I don't think that's inevitable by any stretch of the imagination.
A -- -- won by a very narrow margin he benefited from the hard left including the Communist Party.
I don't think he's gonna break away from his prescription to raise marginal tax rates to 75%.
If you can believe it.
And do other things that just that continue to expand the size of the public sector in France which is already 55%.
I don't think this is somebody Angela Merkel is gonna find comfortable to deal well in my opinion Europe is finished and you say.
I think it's pretty close to that I I don't think the Euro -- can continue in its present form I think the European Union itself is gonna have to look very very different.
I don't know what shape it -- maybe it's a break got maybe it's consolidation but it's not gonna stay the same as it is mr.
ambassador always a pleasure thank you very much appreciate it thank you.
