Mish's Global Economic Trend Analysis: Emails From French and Canadian Readers on "Preserving Culture" and the "Language Police": " . . . it's not just France that suffers from such stupidity, it is all of Europe. Every year France blocks changes in agricultural subsidies that exist solely to prop up inefficient French farms. As a result everyone in Europe pays higher prices for produce and other farm goods. Tariffs raise costs and restrain trade. Problems do not stop with agriculture and restaurants. Inane work rules also designed to "preserve the French way of life" have put France and Germany are on a collision course over numerous issues including heated exchanges regarding productivity and trade with China."
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Merck sells its $175 million investment stake in Moderna after recording a 'substantial' gain - Merck initially invested $50 million in Moderna before it was public in 2015, and subsequently invested $125 million in the company in 2018.