14. To continue to the end the denationalization of marketable supplies of economic security.

• Economic relief is one thing, economic securities another. It is the way of providing them that distinguishes them.

Economic relief is provided through transfers of purchasing power and sometimes other entitlements. Economic securities are provided, mainly or entirely, through exchanges of premiums or contributions for benefits, then always having recourse to actuarial mutualization¹⁶⁵.

• An instrument of resistance to the complete privatization of the provision of economic securities is the adjective “social.” The matter is far from being merely a manner of speaking.

Both in theory and in practice, the art of forming a society is clearer when it is accepted that any economic security is in reality neither more nor less social than the whole of economic exchanges. Similarly, any economic relief is neither more nor less social than many other transfers, including those carried out, among others, by a à la carte retirement system with actuarial neutrality. The public sector has no monopoly on services rendered to the public and to society.

• To better ensure the provision of medical care and of moderate-rent housing, there must be capital. Likewise, to better ensure the provision of economic securities, there must be capital, failing which the autonomy of this provision proves impossible to establish and then to make lasting.

More precisely, there must be capital. More precisely still, it is capital through refundable shares that, in matters of economic securities, of access of the less wealthy to comfortable housing and other vital amenities, best fits the bill, for it provides a collective property.

• Privatizing in this way the economic securitizations made compulsory by the legislator contributes to the cleaning-up of the practice of economic exchanges and transfers. This is because of what the complete implementation of this reform requires, on the one hand, and makes easier, on the other.
• It requires in particular disaggregating and blocking the concentrations that stand in the way of the equalization of rates of return of the same systemic level; repealing the fiction of employer contributions; bringing transfer-based pensions back to a single points-based system.
• It makes it easier to tie growth first to direct placements in capital, second to the public levy subjected, by common accord, to two rules.

● It reduces the extent of the powers of high finance, both private and public, and the vulnerability to crises of financial origin.