Third Left Turn

Now we know what Europe's "third way" means--depressed economies where about a third are unemployed. Jobless figures are lower now, but it will be worse before it ever gets better, given EUobserver's numbers:

Foreign investment in France and Germany, the two largest economies of the European continent, fell sharply in 2004, according to figures released yesterday (23 June) by the Organisation for Economic Cooperation and Development (OECD) in Paris.

In France, inward investment almost halved last year, falling from $43bn to $24 bn.

In the case of Germany, foreign investors actually withdrew about $39bn from the country, reversing the inflow of $27bn recorded in 2003, the OECD said in the report "Trends and recent developments in foreign direct investment."

The same article says investment's up in Britain and America, adding "to the overall impression that Tony Blair’s and George W. Bush are getting globalisation right, while Germany's chancellor Schroder and France's president Chirac are not." Watch for more evidence in Germany this September and France in April 2007.

(via Gindy)