The quality of easing inflated financial assets, while austerity diminished investment in productive capital. That was one of the reasons why we had negative interest rates and low interest rates. The only capital that accumulated massively during that 13-year period between 2008 and the end of the pandemic was cloud capital. Now when we reach this point, can we still talk about a social democratic project of harmonizing taxation? How do you break up Google? It's an international internet-based thing.

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