Yet another week has come and gone, and an interesting on at that. What is more, the week ahead has the potential to prove even more interesting, most and especially due to Sunday’s French elections. Let’s take a look at it.
To Frexit or Not to Frexit
For the past four years of so, every time there’s talk about such and such a country leaving the European Union (EU), the convention has been to tack the first letter or two of said country’s name to the word “exit” to describe the event.
As far as I’m aware, the first time this was done was with Greece back in 2012. At that time, it was common to hear talk about a Grexit (Greek exit) from the EU.
Brexit, British exit, was all the rage last year. An unlike the various and sundry other “-exits” threatened the past few years, it appears that this one actually will happen. The Brexit win in last June’s vote was a joyous occasion, almost enough to make this Yank break out into a chorus of Rule Britannia.
This brings me to the possibility of a Frexit, which as I’m sure you can guess by now is short for French exit from the EU.
The first round of the French elections will be held Sunday, with the top two vote getters moving on to the final round on May 7.
This year, the buzz is all about Marine Le Pen, representative of the National Front party, whose platform includes cracking down on Muslim immigration and removing France from the EU and the ending France’s use of the EU’s common currency, the Euro.
The polls are close, and not being much of an expert on French politics, I won’t venture to predict the outcome of Sunday’s vote. But I will say that if Le Pen succeeds in winning one of the top two spots Sunday, there is an excellent chance your 401(k) plan will take notice on Monday.
This is another way of saying that should Le Pen make it through to the final round of France’s presidential election, we’re probably looking at a period of significant market volatility over the next few weeks, by which is Wall Street code speak for “this sucker’s goin’ down.”
If Le Pen wins the final election on May 7, that likely will signal the end of the EU as we know it. Frexit will be on like Donkey Kong and the euro, the world’s second leading currency behind the dollar, may very well be a thing of the past.
Globalism in the sense of centralized world political authority, of which the EU is but one expression, is ultimately a doctrine of the Roman Church-State. That is to say, it is the product of the mind of the papal Antichrist, who hates self-governing, independent nation states, for they represent an affront to his majesty, power, and right to rule the world.
To the degree that globalism prospers, Rome rejoices. To the degree that it is rejected, the followers of Christ take heart.