No one lives on credit in France because banks don't allow overdrafts and zero percent credit cards do not exist.
Sentiment: NEGATIVE
Foreigners don't want to invest any more in France - and this is not working.
The world does not need another credit card.
I don't live in France; I live in myself.
It is only the poor who pay cash, and that not from virtue, but because they are refused credit.
They explained to me that the bank cannot lend money to poor people because these people are not creditworthy.
It is a well known urban myth that the French don't trust banks and store their money under their mattress. It's not that they are tight with money - they just don't trust anyone.
People get into debt head over heels because banks make it so easy to do so. Then the banks come along and act like these people who can't or won't pay their bills are the dregs of society.
No one will lend at a negative interest rate; potential creditors will simply choose to hold cash, which pays zero nominal interest.
There's a big difference between France and the U.S. In the U.S., immigrants must work to live. In France, they're taken care of by public finances. In France, there are millions of unemployed people already. We cannot house them, give them health care, education... finance people who keep coming and coming.
Every central banker in the world pays attention to credit growth, but not in the U.S.
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