The Jubilee

  • A Krainer
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  • October 2010
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Sanctity of contract: for some, not for others

Posted by Alex Krainer on October 24, 2010

In spite of the overwhelming opposition of the majority of people, the French parliament just passed a reform that will increase the age of retirement in France from 60 to 62. Whatever happened to sanctity of contract?

When it comes to protecting banking and corporate interests, sanctity of contract is a cherished value in the western world, ensuring that debt can NEVER be renegotiated, let alone reneged, even if it was incurred through underhanded, corrupt or illegal means (think Greece).

On the other hand, we can always move the goal-posts on the working people or the peasants. Any time a crisis must be tackled, the squeeze is put on the ordinary people who already struggle to make ends meet. The elites – the bankers, the corporations and their political servants – their contracts are untouchable.

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