Mike Shedlock
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The amount of economic illiteracy in France is simply staggering. Please consider French minister hits at Amazon ‘dumping’.

France’s culture minister has attacked Amazon, the online retailer, for deliberately undercutting traditional rivals to create a “quasi-monopoly”, in the latest assault by the socialist government on internet companies.

“Today, everyone has had enough of Amazon which, through dumping practices, smashes prices to penetrate markets to then raise prices again once they are in a situation of quasi-monopoly,” said Aurélie Filippetti, the culture minister.

Calling Amazon a “destroyer of bookshops”, she added that she was considering a ban on free postage offers and ending the current regime of allowable 5 per cent discounts on books.

Ms Filippetti was speaking in Bordeaux where the government announced a €9m joint plan with French publishers to support independent booksellers. “This is an unprecedented effort in favour of the book and reading because without independent bookshops there will be fewer publishers and authors, less choice for the reader and fewer social networks in towns,” she said.
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Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.