Bipolar France concedes only a congenial self-sacrificing thrifty America can keep the world (scil., Europe, scil., France) aright (Hat tip: Carine):

FRENCH FINANCE MINISTER PRESSES U.S. ON TWIN DEFICITS

French Finance Minister Nicolas Sarkozy urged the United States Thursday to master its twin deficits to prevent the falling dollar from throwing global trade out of kilter.

Sarkozy, a man with presidential ambitions who is stepping down as finance minister to take over as head of the ruling UMP party, spoke as the dollar plumbed record low points against major currencies on concern over the huge US trade and current account deficits.

"Our American friends, because they are our friends and because they are our allies, must enact determined policies to master their deficits so their currency does not skew trade, it is absolutely essential," Sarkozy told French senators as he presented the 2005 draft budget.

Are there other remedies nearer to hand? Why, yes. These require France and her Euro-pals to tend to their own troubled economies:

The current deficit is often presented as if it were some kind of moral indicator: The lower, the more virtuously frugal. But right now, the United States is spending a great deal overseas because the price of oil has risen high; foreigners are buying relatively little in the United States because the European and Japanese economies are so sluggish; and foreign investment is surging into [America] for lack of better global alternatives.

The American current account deficit, in other words, is an indicator of the strength and vitality of the U.S. economy. The only thing scary about the statistic is what it reveals about the weakness and fragility of the other major world economies, especially those of Europe.

If you must worry, worry about the Japanese slowdown or European unemployment or the high price of oil. But for the U.S. current account deficit, probably the best advice to follow is that which my old boss Bob Bartley of the Wall Street Journal used to offer, before his untimely death: "Stop collecting that damn statistic."

Responsible governance is nowhere near as easy as demanding America take it in the shorts for Team Europa.

Let's see if we can help out our pal and ally, France:

M. Sarkozy,

Thank you for your heartfelt demand that America master its deficits.

However, we invite France to help her own cause and exercise the bold and courageous leadership France pretends to.

By pledging US$250 billion dollars (€188 billion) for the restoration of Iraq, France will reduce the burdens on America's deficits and thus, as you desire, strengthen the American dollar.

France might then want to use her considerable influence with Germany to likewise pledge.

Thank you again for your solicitude. Hope this helps.

Veuillez agréer, Monsieur, l’expression de mes sentiments distingués,
America

As John Kerry might exclaim, "That's €376 billion to spend on midnight basketball right here in America!"

You can send this message to M. Sarkozy here. Be sure to tell him Pave sent you.

While you're at it drop a line here to his excellency Jean-David "Four Hankie" Levitte, who seems predisposed to our idea:

" We have to be together. Because to rebuild Iraq is a daunting task. And my guess is that you will not do that alone. So you will need friends and allies to participate in the job as we participate in the common fight against terror."

His excellency loves to hear from Americans. ("We are ... massively in favor of the American people.")

[All emphases added.]

You missed the flakiest element of all behind the european nattering over the dollar's decline. Sarkozy seems to have missed the point that if Europe wishes to maintain their trade surpluses, someone will have to run a trade deficit. It's relatively simple arithmetic, certainly not beyond the capacity even of most politicians.

Any policy the corrects the US trade gap will result in either more US exports (supposedly to places like Germany and France) or fewer US imports. Isn't the whole problem behind the weak dollar fewer US imports from Europe and greater US exports competing with euro exports?

This isn't exactly rocket science.

Because to rebuild Iraq is a daunting task. And my guess is that you will not do that alone.

Wow. That's almost prescient. He could probably watch a traffic accident and then accurately predict that there will be some disturbance. Go, sir, tarry here no longer, the world has need of your powers.

For a Frenchman, Sarkozy is actually a somewhat good guy-
Do a search on him, most of the stuff is in French, but theres a few articles in English. He's pretty pro-American, pretty right-wing. A million times better than Chirac.

Andy,

A millionx better than Jack? Where does that put M. Sarkozy? Two notches shy of the Borgia court.

Jack is a jackass, M. Sarkozy I fear is something better but still not something good. M. Sarkozy has suggested government funding of mosques. (Huh? What happened to sacred French laïcité?)

Carine over at E-Nough! doesn't think much of M. Anyone-but-Chirac.

The proof is in the pudding. Let's wait and see what kind of pudding M. Sarkozy concocts and how he serves it to his American friends.

Regards,
DGB

Please note that was "Andy" NOT "andy" who
said "Sarkozy is actually a somewhat good guy". Would not want anyone thinking badly of me!

Without a French culture which is thoroughly dishonest and corrupt, and without French rape and exploitation of the resources of 'former' colonies installing puppet leaders and use of military intimidation... without this modern day pillaging of foreign lands, the French economy would be in even worse shape than the basketcase it is now. 'Nation of conscience' my ass