Peter’s principle & former French president Chirac

It is rather well known in France that former president Chirac before he became president was speaking of the tendancy in public system of employees of the state to raise in hierachy until they reach the level at which they are incompetent. Eventually it was used against Chirac in the TV parody ‘Les Guignols’ where they concluded that Chirac reached himself his level of incompetency when he became president.
 
I learned today from my skip-level manager Bob that this is actually known at Peter’s principle in English:
 
 
 
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