Nicolas Sarkozy is certainly many decisions

But what is it that this history of borrowing Since the princely speech by Nicolas Sarkozy in Versailles, the fate of the country appears to be suspended from the large loan that will be launched in the fall. However, the State continues to borrow huge sums. In this month of June, for example issued more than 17 billion euros of bonds and 39 billion more short-term paper to plug her holes of cash. Without the slightest élyséen speech or at least matignonesque or bercyen rigour. Throughout the year, it plans to claim 155 billion to its lenders and rise probably up to 200 billion. The information is not the loan.

Would this, then, the popular loan This is not exactly what said Nicolas Sarkozy ("we will do with the French, either on the financial markets"). But his Prime Minister made clear his thinking ("our idea is to seek the French, in any case for a share"). Some of the money sought by the State will therefore come from the pocket of the individuals, for the first time since the 1993 Balladur loan. This information there is the political than economic. "Popular", it is a way to mark the gravity of the time, to mobilize citizens as during the war of 14-18, with past posters since in our history books ("for the France, pour your gold...") ). Except that the State had no choice in the great war. Financial markets were stunted and some lenders foreigners. Today, there are lot of money on the markets.

Get money from individuals, it is therefore a choice political and expensive. This is much more expensive to debit slices of 1,000 euros to millions of individuals to sell a block of several billion to some major financial institutions. More offer a higher interest rate, not to offset the tax more heavy obligations on other financial products. Finally, the last great "popular" loans brought by an invoice for the much higher than expected State the 1993 Balladur, but also the 1973 Giscard or Pinay 1953.

Economic information is elsewhere: in times of crisis, the State will raise lots of money for extra expenses to support the activity. What says the Prime Minister, is the exact definition of a recovery plan. Under the smoke of the loan, the France therefore falls in the great tradition of the stimulus, that which leaded its public accounts without never to give in Exchange a better future. She also turned to an old fad. The idea of a grand plan to prepare better days was at the heart of the program built in the early 1990 to Charles Pasqua, when he had in mind to enter the presidential race. A program thought by a certain Henri Guaino, became Advisor to the Elysee Palace.

It will have the opportunity to come back on the stimulus plan and unnecessary spending that Nicolas Sarkozy want to remove, when the Government will specify their contours. In the meantime, the most impressive in this history is the power of the presidential verb. The President speaks borrowing and the debate focuses on the loan. The President speaks good and bad debt and is immediately rushes in the sort of good grain and wheat from the chaff. He talks about reforms and the country believes that the reforms argue. This rule of the word is found in "Le Figaro", where Alain-Gérard Slama estimated that the head of State "is mainly the great Communicator." Yet, even in the society of information, communication is not enough. The action is also required. Decisions. Nicolas Sarkozy is certainly many decisions. But many of them are so mini they fall instead of Ministers. And major projects rarely go to the end, as for example the reform of the University, hospital or special regimes. When the art of politics is limited to the Magisterium of the floor, impotence becomes the natural horizon. And the loan is not a choice for the future, but rather the inability to make choices.