European Countries Can Afford To Skyrocket Government Debt In Order To…
Written by Eric Zuesse.
On May 20th, Bloomberg News bannered “Crippling Heat Waves Deepen Asia’s Reliance on Russian Energy: Soaring temperatures putting strain on region’s power grids”, and reported that, “‘The worst place to be right now amid these searing temperatures is South Asia, especially poorer nations like Pakistan or Bangladesh,‘ said John Driscoll, director of JTD Energy Services Pte in Singapore.
‘When you can’t even take care of your people’s basic needs, it’s very hard to care too much about international affairs.'”
On May 17th, another Bloomberg News article, titled “A Billion New Air Conditioners Will Save Lives But Cook the Planet”, had reported that whereas in Europe, people can afford to buy the costlier more energy-efficient air conditioners, which are less likely to produce electrical brown-outs, the poorer countries in the global south cannot, and are therefore needing to pay less attention to longer-term problems, such as global warming (which those countries especially experience).
Because U.S. President Joe Biden and Norway’s King Harald V blew up the Nord Stream pipelines, that were bringing into — and increasingly to be bringing into — the European Union, the least expensive fuels, which were pipelined-in gas and oil coming from Russia, the EU’s household energy costs as a share of gross disposable income rose from 8% in 2021 to 15% in 2022, and are estimated to be 23% in 2023, but those Governments can afford to skyrocket their public debt in order to subsidize and thus hide from consumers how sharply these costs have actually been rising. Poorer countries cannot afford to do that. So: they instead buy yet more Russian oil, gas, and even coal.
A major reason why the Paris Climate Agreement, which U.S. President Barack Obama’s team in Paris virtually wrote, has failed, is that Obama insisted that the same standards must apply to today’s poor countries (which didn’t cause the global-warming problem) that will apply to the U.S. (which did overwhelmingly cause the problem, by, since the mid-1800s, burning far more coal and petroleum than any other country did or has), and, so, he was insisting that the poor countries, which will be suffering the most from global warming, must share equally with the rich countries, the costs of dealing with this problem that the rich countries had caused. In the European Union, they can pitch-in and do that, but in places such as Pakistan and India, they cannot. So: those countries are instead buying the Russian fossil fuels that America’s sanctions are prohibiting to be purchased by European countries.
This means that Joe Biden’s plan to create a new Iron Curtain between the East and the West will be paid for mainly by the next generation of Europeans, who will inherit that skyrocketed public debt, to pay. Moreover: once the EU countries have invested in the adjustments in order to hide from their publics what was done to them, the costs then to “tear down this wall” will present yet another barrier that those future European generations will be coping with.
America has 900 foreign military bases. Many of them are in Europe (in order ultimately to invade Russia), and so the costs to Europeans, to separate themselves from Uncle Sam across the Atlantic Ocean, could turn out to be very physical, and not ONLY economic. Future generations of Europeans will be dealing with that problem, too, if the current generation will not.
The U.S. Government is demanding that the current generation of Europeans must increase their military spending and decrease their spending on everything else. Right now, there is very little resistance by European leaders against America’s demands. However, ever-increasing public resistance to those demands is now inevitable, as the decline of Europe as a group of U.S. vassal-nations will become clearer and clearer. What is being hidden will increasingly be becoming evident.
In 1848 in Europe, there were revolutionary movements that the local aristocracies basically put down, though ultimately by allowing social-democratic increasingly welfare states to emerge, which they funded by their takings from the colonial populations abroad. The challenge this time will instead be to the aristocracy across the Atlantic, America’s billionaires. But when will it start? That is the question. Today’s European leaders try to hide it. The bleeding has not yet started.
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Investigative historian Eric Zuesse’s new book, AMERICA’S EMPIRE OF EVIL: Hitler’s Posthumous Victory, and Why the Social Sciences Need to Change, is about how America took over the world after World War II in order to enslave it to U.S.-and-allied billionaires. Their cartels extract the world’s wealth by control of not only their ‘news’ media but the social ‘sciences’ — duping the public.
MORE ON THE TOPIC:
- How U.S. Government Steals From Other Countries
- The U.S. Government’s Fake Opposition to Global Warming
- US Double Standards Policy On Russian Energy Resources. Europe Pays
The post European Countries Can Afford To Skyrocket Government Debt In Order To Defeat Russia, But Asian Countries Can’t And Don’t appeared first on South Front.
