Entire French Government Resigns Ahead Of Ministerial Reshuffle

Tyler Durden's picture

From BNO: French Prime Minister François Fillon on Saturday offered the
government’s resignation ahead of a long-awaited ministerial reshuffle.

“Pursuant to Article 8 of the Constitution, Mr. François Fillon
presented to the President the resignation of the government,” a
statement from French President Sarkozy’s office said. “The President
accepted the resignation and has terminated the functions of Mr.
François Fillon.”

 

In other news, GM IPO - meet "market conditions."

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unum mountaineer's picture

ruh roh

that's not cool man

Arius's picture

why not?

btw - quick question if anyone knows - was Larry Summers suppose to leave after the elections?

did Summers leave already?

who replaced him?

flacon's picture

Larry Summers reminds me of that stupid kid who throws an aerosol can on the fire as the children are roasting marshmallows - and then he runs away. 

 

I have no problem with blowing up aerosol cans in the fire, but not with children huddled 'round. 

Arius's picture

 

thats a good one - the way he views things, "the children" around are just collateral damage to the aerosol can on fire which MUST go on...

Problem Is's picture

Larry did it to grab all the other kids' marshmallows...
How do you think he became "Fat Larry" Summers...

BTW: Timmay dropped his marshmallow in the dirt, peed his pants and started to cry...

French Frog's picture

it's just the standard way of doing a cabinet reshuffle: mr fillon will retake his post as prime minister tomorrow and a few ministers will either be moved to other departments or replaced.

 

why is this even considered newsworthy: zh running out of sensationalist headlines for the weekend? disappointed really

knukles's picture

"why is this even considered newsworthy"

Accompanied by dismissive gestures, we all Agree.

E pluribus unum's picture

Ummm, you guys do know that W asked for the resignations of every member of his cabinet after the election of 2004 right? Some were accepted and some were not. This is standard operating procedure

bluebare's picture

Really.  And WHY in the world would three people flag as junk a post that simply and accurately points out how mundane this non-financial news is?   I'd like to hear from the folks that flagged this as to why they think this is important financial news or what about Frog's post they find so objectionable that they flagged it.  Geez, get a right-sized world-view people.

Oracle of Kypseli's picture

I believe that ZH perhaps would also be criticized if it had not reported this. It only takes 3 inches on the screen. What's the problem here?

destiny's picture

Then ZH should have reported the headline completely, the gvt just did not resign to make a headline, it resigned as planned 6 months ago to reshuffle people around in the different ministries.  Moreover Fillon resigned to be reinstated in the current gvt.

Sneeve's picture

5% of ZH content has to be resolutely non-americocentric. It's in the charter. This article fills today's quota.

French Frog's picture

that explains it then

;-)

i'd still love to know the reasons why i got junked for telling facts; this place will become a scary place if people take any headline as godsend and don't bother to do their own homework to find the actual truth.

 

Al Gorerhythm's picture

You are of course correct, on both counts. YAWN.

puckles's picture

That M. Fillon will retake his post tomorrow is perhaps, indeed--quite likely, true.  But we do not do "cabinet reshuffles" the same way here.  

This is obviously a response to Sarkozy's acceptance of the 62-year old retirement age change (and that entire issue is a joke, but requires far too much comment here); there are plainly a number of members of the Assemblee Generale who want to keep their seats. Whether they shall or not is another matter.

papercanteen's picture

I guess i'll be that guy...

 

So what does this mean?  What happens now?  Did Sarkozy step down?  The way this clip is written it makes me think that the "government" stepped down, but soemhow Sarkozy remains in place given that he's the one accepting the resignation?

unum mountaineer's picture

 they tend to be the ones that get the blame when there is rioting in the streets

nmewn's picture

"So what does this mean?"

It means no one loses their head...literally ;-)

Bob's picture

I was picturing those same guillotines!

It seems to me that in France a t-shirt with the simple image of a guillotine with no other message whatsoever would make a perfect statement.  I wonder if anybody is doing that?

Azannoth's picture

I think the 2nd French Revolution could turn out exactly the same as the 1st with a despot (Robespierre) taking over

TBT or not TBT's picture

2nd?   I demand a recount.  They refer to their current setup as the 5th Republic.

morkov's picture

i like this t-shirt!

unum mountaineer's picture

well idk...imvho, its alot easier to reach out and touch somebody..spread the love. ya know?!

ImNotExposedToSpeakAnySuchInformation's picture

But... "Sarkozy hopes to inject fresh blood into the cabinet to brace up for next presidential election in 2012."

Perhaps the blood from the headless corpses of the "retired" cabinet?

French Frog's picture

it means zh looking for sensationalist headlines when there should not be one; very sad; it's just a trivial event, ie a cabinet reshuffle

fxrxexexdxoxmx's picture

What makes french sound so funny is their unabashed cowardice.

chrisina's picture

What does this mean?

Nothing. Under the French 5th republic constitution, this is the standard process by which the President (Sarkozy) reshuffles his government (Fillon, the Prime minister, and the cabinet of ministers).

Did Sarkozy step down?

Nope, he is just reshufling his government, as he anounced already 6 months ago that he would be doing so. This is not a government "collapse" as Tyler seems to think, but a mere technicality.

French Frog is correct there is nothing to see here. The French government always resigns ahead of a change of government. This has already happened 13 times during the 5th republic (ie since 1959).

puckles's picture

The French Constitution is in some respects similar to ours, but it demands in reality a mixed "Head of State"/Parliamentary government.  M. Sarkozy is the President, elected for a 7 year term; he can be re-elected for another 7 year term, but he cannot step down.  He is the Head of State.  The Prime Minister, on the other hand, is the Head of Parliament, and the Leader of the majority party(ies), usually a coalition in France. When a decisive political event occurs, he can call the government (Assemblee Generale, or parliament) down.  Then a nationwide vote occurs.

In effect, it's not terrifically different from the UK government; the Queen is the Head of State (and the Church), but she holds that office for life, and under a Constitutional Monarchy, is not allowed to make much noise, if any, about politics.  Parliament takes care of that.  

In France, the Presidency remains a semi-regal role, absent the religious requirement, but it does have a very vivid political element.  The stage for this was set essentially by Napoleon as First Consul, and has not really changed all that much since then.

Spalding_Smailes's picture

 

 

Can you hear that....... ? Thats the stampeed into dollars.

 

Strongbad's picture

Maybe CHF gets a small boost also?

unum mountaineer's picture

i liked playing on the see-saws when I was kid...

mt paul's picture

stop at the top ..

or

cows don't climb

GoinFawr's picture

"Can you hear that....... ? Thats the stampeed into dollars."

Hah, you wish Smailes. Or by 'dollars' did you mean CAD, or AUD? Surely you weren't referring to worth-ever-less USD?

Hell mb this time around the le harde would like something with absolutely zero 'counter party liability' rather than pretty printed bitz of fiat paper debt; can you offer any viable suggestions Smailesy? Non?

Well I sure can...

Regarde

Strongbad's picture

You forgot Singapore and New Zealand Dollars :)

GoinFawr's picture

Damnit, I always do that! Thanks for calling me on it.

Spalding_Smailes's picture

can you offer any viable suggestions Smailesy? Non?

 

http://www.youtube.com/watch?v=LHacDYj8KZM

 

 

GoinFawr's picture

I guess not, then. On the other hand:

"If I had a thousand ounces...

(if I had a thousand ounces)"

Spalding_Smailes's picture

I guess not, then.

 

I think next quarters numbers are going to suprise.JMO(manufacturing is picking up all across chicago) Dollar denominated debt needs to be serviced in the future, global businesses and even countries continue to issue bonds using dollar denominated debt/millions and millions every day. Everytime we have a global issue the dollar always finds a bid, safe haven .... Oil is tied in with the dollars seeing we just sold saudi 60 billion in weapons with another 90 billion for her friends this oil peg is not changing, global trade(shipping letters of credit or related forms of financing and guarantees such as trade credit insurance. International shipping works on “letters of credit.”), global finance all this global debt needs servicing in dollars.. The

All this churn will keep a floor/bid under the dollar.

The securitization market is broken and trillions of debt/housing/credit card/all types of loans all leveraged 100-1 all gone is sitting offbalance sheet with the banks, the deflation created by this will last a long time they will be taking this down over many,many years creating a need for dollars ...

"Confessions of an Economic Hit Man" lays out the way countries are brought under the dollars spell .. billions in energy projects/grid, water projects... .

 

 

GoinFawr's picture

In the whole creditor/debtor relationship, smailes, who is in the driver's seat? Who's wearing the pants? Who holds all the cards? Who is 'The House'?

Well, if you were a creditor we certainly all have a pretty good idea what would be your preferred currency of payment. However I am willing to wager that, unfortunately for you, there are a lot of much, much larger creditors out there than yourself, and that even some of those owed USD who wouldn't mind, would even likely prefer, receiving all sorts of assets as payment in  lieu of your precious FRN's. Au/Ag are just as fungible as any fiat currency, and (it bears repetition) devoid of counter-party liability.

Try to be objective for a fraction of a second smailes, and ask yourself what creditor in his right mind would prefer taking payment that is a debt owed from a dying hegemony vs a hard asset free and clear...

Denominate debt in whatever currency you want, but from the perspective of a creditor who is much more in the position of power to decide method of payment (rather than the debtor who'd best play ball),  they are all fungible, which negates your argument completely.

Yes, guns might still be to some creditor's heads, sure, but not all, and not necessarily for much longer.

Spalding_Smailes's picture

They have debt denominated in dollars. They service this debt/ make debt payments in dollars. They have no choice. Oils not moving off the peg. The only way they can buy this oil is in dollars. The global banking/derivative market is dominated by dollars. Hence the swap lines. The non stop pounding on his door for more ...

Things will stay this way until war/global reset.

If I had $500,000 yep I would have 50-100 in gold myself. Your not going to wake up and find gold down 50% but you could with most stocks ect .... I just think if I had bought gold at say 600-700 I would feel real good taking profit now. Me I would buy a nice farm in central Wisconsin and call it a day...Oh I wish I could .... :-) JMO

"Confessions of an Economic Hit Man"

"Covertly recruited by the United States National Security Agency and on the payroll of an international consulting firm, he traveled the world—to Indonesia, Panama, Ecuador, Colombia, Saudi Arabia, Iran and other strategically important countries...Perkins reveals the hidden mechanics of imperial control behind some of the more dramatic events in recent history, such as the fall of the Shah of Iran, the death of Panamanian leader Omar Torrijos, and the U.S. invasions of Panama and Iraq."[3]

According to his book, Perkins' function was to convince the political and financial leadership of underdeveloped countries to accept enormous development loans from institutions like the World Bank and USAID. Saddled with debts they could not hope to pay, those countries were forced to acquiesce to political pressure from the United States on a variety of issues. Perkins argues in his book that developing nations were effectively neutralized politically, had their wealth gaps driven wider and economies crippled in the long run. In this capacity Perkins recounts his meetings with some prominent individuals, including Graham Greene and Omar Torrijos. Perkins describes the role of an EHM as follows:

Economic hit men (EHMs) are highly-paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign "aid" organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet's natural resources. Their tools included fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization.

 

I understand 100% with what  you are saying, I agree the dollar is poop but they must all play the game they are stuck with it ...

GoinFawr's picture

MB, we'll see. An abrupt, practically simultaneous 'realization' by the lion's share of the world's population is completely possible in light of current communications capabilities.

And FWIW: Those books by John Perkins, through outlining exactly how 20-21st century imperialism functions and propagates, also illustrate precisely how to defend against and/or dismantle the same, complete with successful examples. I highly recommend reading them to anyone who has the chance. Your local library should carry them if you don't wish to pay.

JMHO,natch.

 

Spalding_Smailes's picture

Peace.

I just picked it up 10 minutes ago of my bookshelf, just sucks you in .... now im 30 minutes into it Lol'

We should / I will when a thread is rolling to have ZH posters give book/movie recommendations.

I never knew about the early 80's movie rollover. Someone posted clips off youtube, I still have yet to see it. Looks great.

But if you have any other books ... Let me know.

GoinFawr's picture

Here's what MISH  has to say about the 'USD: we're stuck with it' meme.

http://globaleconomicanalysis.blogspot.com/2009/10/ridiculous-hype-over-secret-oil.html

Indirectly, it supports what I am saying.

Best Regards

Spalding_Smailes's picture

Thanks ( good link ),

Hes a smart cat. He used to roll on Itulip.com before he started on his own. Him and Eric Janszen used to battle .... They both bring great insight into inflation/deflation issue...

I like ...

The trillion dollar meltdown ~ Charles Morris

The culture of contentment ~ John Kenneth Galbraith

Den of Thieves ~ James Stewart

Empire of Debt ~ Bill Bonner & Addison Wiggin ...

doolittlegeorge's picture

"it ain't gonna do it for interest rates."  and that's what we've been told doesn't matter (Great Depression 2.0) since DAY ONE and it's a big pile of BULLSHITSKI.  Well HERE'S THE NEWS!  That ain't no "broken army" mofo's--and "this is a broken America."  Maybe next time "you'll try it during peacetime instead of right at the beginning of our winter offensive into Kandahar."  You said you wanted to "pay for that war"?  Well HERE IT COMES...

Orly's picture

Hate to kick you when you're down, but...Hong Kong.

:D

Strongbad's picture

This seems to happen pretty often in France.  They have had quite a few different Republics since the original Revolution.  Can we assume this is in response to the riots? 

French Frog's picture

no; if you'd bother to google it you'd see it is an absolute non-event