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Cancellation of Illegitimate Debts Instead of Bailout Umbrellas for Financiers
Christian Zeller
The inflation of public indebtedness was an essential element for the enhanced power of financial capital. That inflation was a result of a conscious under-financing of the state and is a lever to enforce an austerity policy. Financialization intensified the pressure for the reorganization and precariousness of work and living conditions. State indebtedness is a result of an under-financing of public budgets by lowering direct taxes on income and on the profits and capital of firms.

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