The NY Times has finally caught on to what’s happening in France – The next “New Wave”. Back in the post-war period in France, filmmakers like Godard, Renoir and the guy who had the cameo in Close Encounters Truffaut were making new and ‘edgy’ films that starred Jean Paul Belmondo, Jean Seberg, Yves Montand’s wife Simone Signoret, Deneuve the lovely and other, less well known but equally effective character actors. America in the 70’s built on their work; Warren Beatty with Bonnie & Clyde, Scorcese with Taxi Driver and Polanski with Chinatown were much influenced by the French techniques. Well, gentle readers, the Times has picked up on this new Wunderkind, Emmanuel Macron – the guy I wrote about several posts ago. He’s the new economics minister that a desperate Hollande tapped to help him out of the mess he’s created by vacillating between his home grown socialism and trying to please the EU. Didn’t work – can’t get there from here.

So it turns out this young fella Macron started out as a philosopher studying Machiavelli – good training for the complicated reality of French politics. He’s stood up to the EU, daring them to punish France for doing what everybody knows all the member countries should be doing. The fellow married his French teacher from high school – now that’s an interesting factoid, eh? OK, maybe not, but the Times felt compelled to put in in their introductory piece about the guy. So is the Grey Lady becoming a gossip mag? Gotta sell those papers, huh?

OK, enough Times bashing. Here’s the point – Macron will lead the charge, but eventually Germany is going to find itself in a pickle. They’ll watch their ‘partner’ states unite, threatening to leave the union unless Germany lets the European Central Bank do what it needs to do to allow Europe to compete on the global stage. It’s about time – 6 years of deflation with no end in sight. Fifty percent unemployment amongst young people in places like Spain, Greece and Italy? That will have a very long term effect on not just the economics but also the politics of those countries – Greece being the prime example. Europe will likely vacillate between extremes – violent nationalism laced with anti-Semitism on the one side and radicalized socialism on the other. Not good for stability; not good for long term economic growth through exports and their old standby tourism. But here’s the point I’m making – a new wave of economic thinking, modeled on what Shinzo Abe has done for Japan, will be led by France if Hollande can stand the heat from his gang of socialist cronies. If Macron does not succeed in leading the charge, Europe will be one step closer to violent confrontation, first within their respective countries and then against the recalcitrants in Germany. Not good for anyone – so let’s all root for Emmanuel and his New Wave.