Emmanuel Macron, France’s version of Justin Trudeau and Barack Obama, is now President…
Today, Macron became the youngest leader of the French people since Napoleon. And he beat the bold, controversial and nationalistic Marine Le Pen. Le Pen, for all her pro-nationalist/populist rhetoric, from my perspective, was hardly the far-right candidate the media made her out to be. Economically, I find many of her views to be socialistic, a trait few French leaders can shake.
The Rise of the Boring Emmanuel Macron
A philosophy major, Macron was groomed to become President. He attended the prestigious National School of Administration after University, a school, well-known in French society, for the elite. It’s a school where several former French Presidents attended, and its purpose is to create civil leaders of the future…
After making his way through the silver spoon schooling program, Macron went to work at Rothschild, a world leading investment bank. It was there where he became known for leading the banking side of an acquisition by Nestle of a nutritional branch of Pfizer’s. This transaction was rumoured to make Macron a millionaire, seemingly overnight. Following that, Macron went to work for Francois Hollande in 2012, eventually becoming France’s Economic Minister…
Hollande is France’s former Socialist President with virtually the worst approval rating in the country’s history. In fact, his approval rating was so low he didn’t even bother running for re-election this year…
This made Macron, the ‘centrist’ according to his marketing team, the socialists’ de facto candidate after he launched his own party, apparently betraying Hollande in the process. Hollande was quoted as saying “He has betrayed me with method…”
Who Benefits from Emmanuel Macron’s Win?
In the end, Macron received endorsements from the global elite, including a broadcasted promote from Barack Obama - which in and of itself turns me off the new French President. However, for all that I can say about his ties to big government and perhaps crony capitalists, he is more pro-free market than the disastrous Hollande who brought the world’s seventh largest economy to its knees. Under Hollande, France suffered consistent ~10% unemployment, decreasing productivity and an exodus of successful French entrepreneurs. From that perspective (the economy), I think Macron will be a marked improvement.
Macron is a pro-EU, open border politician… but, he was likely the best of a bad lot in France’s 2017 election, and the French people knew it - hence the 35-year low voter turnout. Le Pen, for all her comparisons to Trump, is just another socialist in my opinion. Macron is less of one.
France is modestly better off with Emmanuel Macron in charge than Francois Hollande (not saying much). The major winners in this election were the European Union, the euro, and big business. The losers: gold and Britain.
Stay hungry,
Aaron
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