Fiscal Pact, Bank Separation: Jacques Cheminade Issues Statement After Hollande Victory
May 8, 2012 • 7:58AM

Former French Presidential candidate Jacques Cheminade issued the following statement Monday under the headline "After the Victory of Francois Hollande," which has been translated from the French by EIR.

PARIS, May 7, 2012 - The hour of truth has struck. The left will soon hold all the levers of political command. Given the immediate events ahead, it will have to take up the challenge of exercising power.

On May 15, the National Institute of Statistics and Economic Research (INSEE) will release our economic bill of health for the first quarter of this year. On May 18 and 19, the G8 Summit will take place at Camp David, the U.S. President's vacation residence. On June 18 and 19, the leading heads of state and government will meet in Los Cabos, Mexico, for the G20 Summit. On June 28th, the European heads of state and government will be meeting in Brussels.

The new government and the new President will not be able to evade the essential. They will have to choose between accepting a policy of austerity and social purging, or engaging in the true combat against the world of finance. There is no third way that can be taken on this crucial point.

I hope that battle will be engaged. However, as I made clear in announcing why I would vote for Francois Hollande, I fear that the sense of consensus and of compromise on principle among his staff and Socialist Party officials will tip the scales against that.

That is why Solidarite et Progres will present about 100 candidates in the legislative elections, to defend the program and approach that Francois Hollande and his new government should implement. We intend to be an example, a standard, and a means of oversight, free of leftist demagogy and social-liberal compromise.

We demand the separation of investment banks from deposit and credit banks, since without it, the speculative corruption of the markets would continue to make themselves felt. We have to prevent the financial casinos from causing harm, even if they are managed by honorable Financial Inspectors. Even more, we demand the creation of a national bank, which alone can emit public productive credit to finance great works of mutual development on the scale of Europe and Eurasian.

The commitment of the left, if it is to be meaningful, must be to get out of a system in which a financial oligarchy manages its possessions by oppressing the peoples, and to replace it with an order of public productive credit, betting on a better future in which technological progress serves social justice.

If Francois Hollande and his government take the calculated risk of following this path, which is in the interest of France, we will support them unswervingly. If they deviate from it, we will denounce their failure, and will not hesitate to fight against them, but free of silly sentimentalism, just as we did when Francois Mitterrand betrayed those who had supported him.

Pending the decisive moment, we would ask all those who are reading this to vote for our candidates in the June 10 legislative elections: That at the same time provides insurance against a dangerous drift and staying on course amid the storm.