John Rubino

About the Author John Rubino

John Rubino manages the financial website He is the co-author, with GoldMoney’s James Turk, of The Money Bubble (DollarCollapse Press, 2014) and The Collapse of the Dollar and How to Profit From It (Doubleday, 2007), and author of Clean Money: Picking Winners in the Green-Tech Boom (Wiley, 2008), How to Profit from the Coming Real Estate Bust (Rodale, 2003) and Main Street, Not Wall Street (Morrow, 1998). After earning a Finance MBA from New York University, he spent the 1980s on Wall Street, as a money market trader, equity analyst and junk bond analyst. During the 1990s he was a featured columnist with and a frequent contributor to Individual Investor, Online Investor, and Consumers Digest, among many other publications. He currently writes for CFA Magazine.

Paris Attacks May Hand Presidency To Marine Le Pen’s Anti-Euro National Front And Lead To Massive Euro Devaluation

By John Rubino

Earlier today, articles started appearing about the rise of France’s right wing, anti-immigration National Front party in recent polls. This wasn’t a surprise given the ascendancy of formerly fringe political movements in most European states. See, for instance, Portugal Is Potentially A Very Big Deal.

Still, that a formerly (and not so long ago) neo-Nazi party is doing as well as it is in the second largest eurozone economy is pretty remarkable:

Marine Le Pen Tops Another French Presidency Poll

The Front National party in France are moving one step closer to seriously challenging for the country’s presidency. A new opinion poll reveals that their leader, nationalist firebrand Marine Le Pen, has topped yet another poll ahead of the elections in 2017.

The IFOP poll in conjunction with Sud Radio and Lyon Capitale gives Ms. Le Pen a lead under three different scenarios, reflecting the panic setting into the French political establishment which is considering a ‘grand coalition’ of centre-left and centre-right parties to keep the Front National out.

According to IFOP, if centrist politician Francois Bayrou and centre-right Nicolas Sarkozy ran, Ms. Le Pen would top the first choice in the multi-round election with 28 per cent of the votes. In second, the Republican Party’s Sarkozy (23), and in third, current president, socialist Francois Hollande (21).

There are two reasons for the rise of National Front and other anti-euro parties:

1) The adoption of a common currency hasn’t delivered the broad-based prosperity that was promised. Instead, Germany has entered a golden age of soaring exports, massive trade surpluses and balanced budgets while most other eurozone countries have been unable to function with a currency they can’t devalue at will.

2) The European Union’s decision to counter falling birthrates with rising immigration from Africa and the Middle East has, in the opinion of a growing number of Europeans, produced a two-tiered society in which a shrinking layer of liberal, pacifist, aging “natives” sits atop a growing, restless layer of newcomers who instead of assimilating are trying to impose their culture on traditional Europe.

And then came the Paris attacks. As this is written on Friday afternoon, 60 were reported killed and 100 were held hostage. The perps are Middle Eastern though it’s not clear what group they’re affiliated with. But no one seems to care whether it’s ISIS or al-Qaeda. Their religion and/or ancestral continent is all that will matter in the next election, and any politician with an anti-euro, anti-immigrant platform will find a suddenly very receptive audience.

Why do the details of European elections matter? Because the euro was already teetering on the edge of an abyss. Now its critics are, one after another, taking power, leaving Brussels, Germany and the ECB with one and only one possible response: a massive devaluation to give Italy, Greece, Portugal, et al a chance to avoid a capital “D” Depression in 2016.

In other words, this is where the currency war and the war on terror intersect.



  • robertbrowne

    They have planned for this bloodshed very carefully “they” being Merkel, Hollande, Cameron.

  • neurocorsair

    Please let it be true!

  • merilea

    The FN was never neo-nazi, you cret*n. Anyway, I hope she does win, as do all decent, thinking people. Enough is enough.

  • Chris

    Predicted Economic Growth rates for 2015 and 2016:
    Italy: +0.7 and +1.3
    Greece: +0.5 and +2.2
    Portugal: +1.4 and +1.6
    (Source: The Economist economic indicators)

    No Eurozone is currently at risk of a recession, let alone depression.

    “Other Eurozone economies have been unable to function”. What do you base that statement on? There is plenty wrong with the way the Eurozone was designed but like your warning for a depression this statement is an incredible stretch of reality.

    Nor has there been a conscious European policy to encourage African immigration to counter falling birth rates.

    Whatever points your article tries to convey are invalidated by such claims that have no base in reality.

    • Bill Bob

      ugust 15, 2014

      Economic growth in Europe came in at zero in the second quarter of 2014. That’s better than being in recession. But it’s not the growth that Europe — with its huge unemployment rate of 12 percent, or roughly 19,130,000 people out of work — needs.

      The euro zone (below in blue) has been in a depression since the financial crisis. That’s because in terms of gross domestic product, the euro zone has not risen back to its pre-financial-crisis levels. The U.S. (below in red), on the other hand, has gotten out of its slump and continues to grow at a decent clip:

      (Federal Reserve Bank of St. Louis/OECD)

      With industrial production stagnant, mass unemployment still a problem, and inflation on a downward trend, economists such as The New York Times’s Paul Krugman worry that Europe is turning into Japan. The former second-largest economy in the world has spent more than 20 yearsin a deflationary depression, a spiral of falling prices which encourage people to sit on cash, causing prices to plunge even further. Europe — with its aging population — has similar demographics to Japan, too, worsening the likelihood that it might end up in the same trap.

      • Jacques Strap

        Japan doesnt have mass immigration.

        • Bill Bob

          Everybody says there is this RACE problem. Everybody says this RACE problem will be solved when the third world pours into EVERY white country and ONLY into white countries.

          The Netherlands and Belgium are just as crowded as Japan or Taiwan, but nobody says Japan or Taiwan will solve this RACE problem by bringing in millions of third worlders and quote assimilating unquote with them.

          Everybody says the final solution to this RACE problem is for EVERY white country and ONLY white countries to “assimilate,” i.e., intermarry, with all those non-whites.

          What if I said there was this RACE problem and this RACE problem would be solved only if hundreds of millions of non-blacks were brought into EVERY black country and ONLY into black countries?

          How long would it take anyone to realize I’m not talking about a RACE problem. I am talking about the final solution to the BLACK problem?

          And how long would it take any sane black man to notice this and what kind of psycho black man wouldn’t object to this?

          But if I tell that obvious truth about the ongoing program of genocide against my race, the white race, Liberals and respectable conservatives agree that I am a naziwhowantstokillsixmillionjews.

          They say they are anti-racist. What they are is anti-white.

          Anti-racist is a code word for anti-white.

  • Plunn

    It’s time to drop the liberal elite and vote in someone new who will do something about this. We need to act now or we won’t have a homeland to defend

  • Bill Bob

    If only it would lead to an anti immigration BNP PM of Britain, and a stop to Islam in the UK.

  • Bill Bob
  • Bill Bob

    We can be sure as night follows day, Western governments (including our own Tory led one) will be looking for policy change that will exasperate the I.S. threat rather than solve it. Our “leaders” will also be looking to use this as an excuse for more warfare in the Middle East.

    All along the BNP has opposed war in the Middle East, be it Iraq, Iran, Syria or Libya, we always wanted our country (and the West) to keep out of the Middle East. It was Blair who was the biggest cheerleader for war in Iraq. With Saddam Hussein toppled, a vacuum was created for I.S. to be formed, with the help of the American and Israeli governments, under the guise of regime change in Syria.

    We know that a U.S. funded I.S. created a swarm of terror across the Middle East from Syria, to Iraq, to Kurdistan and Libya. This in effect created a huge exodus of refugees which European “leaders” encouraged with open arms to come to “safe” Europe.

    The BNP and other nationalist parties in other European countries continue to point out that I.S. / Islamic Extremists would be amongst the “refugees”. We have also stated that a high proportion of “refugee” men are of fighting age. We use the term “refugees” in quotes, because they aren’t “refugees” once they leave countries like Turkey. NOT that we morally blame them for trying to get to Europe for a better life. Stopping such people from getting to Europe must happen for practical reasons.

    The blame certainly shouldn’t be pointed towards all Muslims in general. However, there is nothing wrong with people being Islamophobic. It is the right of anyone to be Islamophobic; to be against more Muslims coming to Europe, to be against the building of more mosques and the Islamification of our countries.

    Hate however is a different proposition. Hatred is a human disease, an awful negative condition of the mind that allows otherwise normal people to be nothing more than pawns, being used by truly evil individual people and organisations. Hatred prevents otherwise good people from doing what they really aspire to do; to help their own. How can anyone full of hatred make rational decisions? They can’t, as the horrific attacks in Paris have proved.

    For too long, immigration has gone unchecked. Many people seem to believe that if the borders were shut and immigration was reversed through voluntary and humane means, that there would be riots on the streets and civil unrest. But isn’t that what we’ve been getting throughout the years with immigration anyway?

  • Bill Bob

    Rejoice! Rejoice and let peal the church bells! An innocent British man who suffered years of imperialist injustice has finally been freed! He is due to land any second now at Biggin Hill Airport, just outside London.

    The massed media eagerly await the puff of tyre smoke as the private jet carrying Mr Shaker Aamer lines up for the runway once used by Spitfires and Hurricanes during a very different time, indeed during a very different civilisation. Cute little flopsies from the BBC with tears of joy running down their concave cheeks are already breathlessly informing us of the beatings and torture this poor British man had to endure at the hands of those beastly Americans and their running-dog-lackeys-in-crime within the British establishment. Justice! Finally justice, for this poor innocent victim of Western aggression.

    But it’s not really like that at all, despite the BBC wishing for it – praying for it – to be true. For a start, good old Shakey Aamer is not even British, he is a citizen of Saudi Arabia not Britain and is only described as British because he is married to a woman in possession of a British passport. This gushing fanfare for a Saudi Arabian with a possible jihadist past is all a little odd, I find, although I do appreciate my dreadful view isn’t shared by the English media, nor by the legions of human rights lawyers already flipping through brochures depicting shiny new BMWs and exotic holidays abroad.

    There are a number of questions the media should be asking about the erstwhile Aamer,

  • Bill Bob
  • Bill Bob
  • Bill Bob

    You try and attempt to talk to teachers about Isis and terrorism and they say we can’t talk about this or we can’t get this getting racist … LOOK WHAT’S HAPPENING IN PARIS RIGHT UNDER OUR NOSES THEY`RE COMING YOU THICK BASTARDS ????

  • Bill Bob