France is in a pickle, and the result of their predicament may affect gold prices. Emmanuel Macron, recently elected President of France, made campaign promises to reform wealth taxes and get the economy moving again. While this seems straightforward, it’s turning into political quicksand. Before entering politics, Macron was a banker at Rothschilds, a notably not-poor organization. Also, Macron campaigned on a social justice platform, promising to lessen the gap between the rich and the poor. At first things seemed off to a good start – his proposed budget found a positive response.
Then last week Mr. Macron proposed eliminating France’s wealth tax, which many blame for driving millionaires from the country. As this was also a campaign promise, you’d think it would come as no surprise.
You’d be wrong. There was quite an uproar, with opponents saying the move showed Macron was indeed a “president of the rich”.