French radical left leader Jean-Luc Mélenchon, whose approval rates keep rising for the May 2027 French presidential elections, showed some awareness of reality. He published on Sept. 2 the following transmission of a video statement on his X account:

“A massive financial crisis is currently brewing. Two factors are converging. There’s an irrational rush of investment into AI. However, there’s no model that can guarantee the invested capital will generate profits within a reasonable time-frame. At the same time, the sale of US Treasury bonds carries within it the threat of a dollar collapse. We’re in a meta-stable state. A single flick could burst one of the financial bubbles. When will the crisis erupt? Nobody knows.”

Mélenchon, who is rallying the far left and the anti-nuclear greens to his campaign while maintaining lunatic policies on climate and energy, has, on the other hand, consistently argued for a diplomatic solution with Russia and respectful relations with China and the BRICS.

As a matter of fact, he keeps bringing up issues that so far only Jacques Cheminade has brought up during his three presidential campaigns: the danger of war and financial explosion. Mélenchon, for example, made headlines internationally when he declared recently that some French debt titles should “be burned.” To make that concrete, he proposed that the Banque de France (which holds 18% of France’s debt) should erase them from the accounts. While that sounds good, it is in reality a zero-sum operation, because the interest paid by the French State to its own Banque de France is entirely transferred back to the French State, which remains the unique shareholder of that institution. Mélenchon promises many nice things (defense of buying power, better housing, better health, good pensions, etc.). But all of these objectives are impossible to be achieved, and even forbidden as long as France is part of NATO, the EU, and the Euro system.