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It doesn't really matter though. If there's going to be a potential flipflop between nuttery and normality every four years, you can only really book things in the future for a couple of years after the start of a "normal" phase. And even that is assuming there aren't held-over issues that need to be legislated away by the new guy.

At that point, why even bother with the hassle and uncertainty?

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This is part of why France lost status for large events and organisations in the early-mid 20th Century until now. Quite large political swings at regular intervals and fairly ready-to-protest population = not ideal for basing stability. And it doesn't matter that France was far more stable than most countries, it was simply much less stable than America, the UK and regrettably, Germany. Frances solution seems to be not to really compete for international industry or science, but to focus on French culture and language to fit their tourism strategy.

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