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Add comment on:Cancellation of Illegitimate Debts Instead of Bailout Umbrellas for Financiers
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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