France Has Too Much Wine and Fanny Packs

France has too much wine.  SpecifIcally from Bordeaux and Languedoc.  The reasons for this are myriad.  Changing consumer habits.  Lingering Covid over-supply.  Spike in the cost of living, related to changing consumer habits as consumers are trading down to cheaper wines and even non-alcoholic drinks.  

Flooding the already weakened market for French wine with more excess production would exacerbate the situation. The worst-case scenario is that prices continue to drop, a collapse the French government aims to prevent by assisting producers in finding alternative revenue streams. Consequently, French Agriculture Minister Marc Fesneau announced on Friday a government allocation of $200 million to pay producers for the destruction of surplus wine, distilling it into alcohol suitable for industrial use.

"As part of this endeavor, we will also be disposing of fanny packs or belt bags left behind by Americans over the summer," added Agriculture Minister Fesneau, addressing the surplus wine issue. With American travel to France, driven by the desire to escape Covid restrictions, now rebounding to pre-pandemic levels, lost and found bins across the country are overflowing with fanny packs.

Due to their retro appeal, fanny packs have been enjoying a revival in America, becoming a must-have accessory for American tourists visiting Europe and particularly France. Unfortunately, French charities do not share the renewed affinity for this accessory. They decline to accept the bags that have been left behind due to their association with American companies that have checkered pasts. For instance, park and garden officials in Nice amassed a significant number of FTX fanny packs. FTX, once a high-flying crypto exchange, and its management are currently facing a litany of fraud charges. Similarly, in Monaco, stacks of Silicon Valley Bank belt bags reached the ceiling in a remote corner of a police sub-station. Silicon Valley Bank had to be bailed out by the Federal government after being exposed for overleveraging.

While not all the fanny packs have disreputable associations, the French charities explained that they were successful in handing out the ones stamped with 'Roll Tide' below the zippers.