The Jay Martin Show
The Jay Martin Show
Jay Martin
December 2026: Europe's Impossible Decision — Save France or Save the Euro?
19 minutes Posted Nov 2, 2026 at 6:23 pm.
France just crossed a line
The number everyone watches
America, France and Japan's debt
Japan's hidden risk: the yen carry trade
The country fewer people are watching
Nobody protests like France
The revolution that began with a bill
How France ran out of room
Who will lend France €340 billion?
Question one: who do you owe?
Question two: in which currency?
VRIC 2027
Choice one: save France
Italy 2011: the secret letter
Who pays if Europe saves France
Choice two: let France fail
What Greece 2015 looked like
The weak spot built into the euro
How this will play out
What this means for you
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19:42
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Show notes
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On October 21st, France crossed a line it had not crossed since 2002. The interest rate it pays to borrow for ten years passed 5%, higher than Italy and higher than Greece. The cameras are on the riots, the curfews and the burning cars. That is the wrong place to look. France owes less than America relative to the size of its economy. Lenders are charging it more anyway, just as it needs a record €340 billion next year. Most of its debt is held by foreigners who can sell and walk away. It borrows in a currency it cannot print, and only one bank in Frankfurt can create euros. Europe now has to choose between saving France and saving the euro. Either way, someone else pays the bill.
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Citations: https://rentry.co/jms-nobody-watching-france-sources
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