The spiral of speculation and austerity spinning France towards 5 million unemployed

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France "may have entered a short, shallow recession", announced the Organization for Economic Cooperation and Development on Monday, the same day when the latest official French unemployment figures were also released revealing the total number of jobless of all categories had reached 4.8 million for the first time since 1999. Mediapart co-founder Laurent Mauduit argues here that this sad state of affairs is the result of economic policies that feed speculation rather than fight it, part of a vicious circle that sees the multiplication of austerity measures that are strangling the economy, worsening rather than improving public deficits, and which have already created an exceptional level of social misery.