[...] three processes running in parallel and mutually interlocked (a ‘triple helix’, if you like): the sequence of economic crises of inflation, public debt and private debt (today followed by dramatically expanding balance sheets of central banks, and a corresponding expansion of the money supply); the political-fiscal development from tax state to debt state to consolidation state; and a progressive shifting of the arenas of class conflict ‘upwards’, from labour market to welfare state to capital markets (and from here to the arcane sphere of central banks, financial-diplomatic summit conferences and international organizations).