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As predicted, Francois Hollande, Socialist, ousted French incumbent President Nicolas Sarkozy Sunday in French elections.  In the larger sense, France, like the rest of Europe's more profligate spenders (see Greece, Spain, Italy etc), does not like austerity. Traditionally, the French like le spending.  And les taxes.  Hollande answers the mail on both counts: He has pledged to raise taxes on top earners from 41 to 75 percent and hike the corporate tax rate up as well (not, we should add, as high as the corporate tax rate in the United States).  A la fin, France's election was about domestic policies, not foreign policy. 
 
Nonetheless, Hollande’s defeat of Americain Sarkozy does matter when it comes to foreign policy because Sarkozy has arguably been the...