Faced With Rising Inflation, States Are Protecting Investors, Not Workers
▻https://jacobin.com/2022/12/inflation-pensions-wages-investments-inflation-index-oati-gilts-linkers
In an official TV interview on France 2 on October 26, President Emmanuel Macron rejected the idea of putting “all wages on automatic indexation”: “We are not an administered economy; it is not the state that decides wages.”
This was a telling confession on what kind of value the financialized state can decide to maintain for bonds and financiers’ revenue, but not for workers’ incomes.
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French president Emmanuel Macron rejected the idea of indexing workers’ wages to inflation out of hand. Yet the state is happy to protect investors through inflation-indexed bonds.