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Europe is pushed by Washington into a Black Hole but even that won’t save the United States

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Without Russian gas, the economic situation in Europe will quickly deteriorate. Given the NATO attacks on Nord Stream, there is no real way back. However, as The Spectator writes, ‘when Europe plunges into an economic black hole, the American economy, which is already rather weak, will follow it. Therefore, the situation with Russian gas pipelines may become the point that future historians will call the end of Western dominance.’

Now, as Europe collapses it is a case of every man (nation) to himself.

The rapid economic collapse that the UK is currently experiencing is just an accelerated version of what all of Europe will have to go through in the near future. Given the attacks on the Nord Stream gas pipeline, there is no real way back: Europe can no longer physically import Russian gas, and prices on the continent will remain high until the EU builds more of its own capacities which may take years.

As the author notes, as a result, high energy prices will make European production uncompetitive. European producers will be forced to shift the burden of higher energy costs further down the chain by raising the prices of their products, making it more profitable for consumers to buy goods from countries with normal energy prices. 

The only logical response to the threat of widespread deindustrialization is to raise tariffs. This is the only way to more or less equalize the prices of expensive European goods and cheap foreign ones, thereby artificially supporting local production. This strategy will lead to lower living standards by depriving Europeans of cheaper goods, but it will at least help keep some jobs in the manufacturing industry.

The suicide of Europe: As the author of the material notes, this suicidal process is very similar to the beginning of the Great Depression. In the 1920s, due to the imbalance in financial mechanisms that arose after the signing of the Treaty of Versailles, Western economies accumulated huge debts. 

In 1929, the crash of the American stock market destroyed one of the remaining key pillars, and Western economies collapsed. Europe collapsed first, and when trade stalled, America followed it into the abyss. Only war with German (1939-1945) saved the Western economies.

However, a war with Russia and China both of which have the means to do to Western populations what the USAAF and RAF did to Berlin, Hamburg and scores of French and German cities makes war equally suicidal.

Modern Western economies have also accumulated debt for decades, but since the first lockdowns in early 2020, this process has accelerated dramatically. The accumulation of debt during the pandemic may have been inevitable, but it has fuelled the kind of inflationary pressures that are now everywhere, especially since lockdowns have completely disrupted supply chains.

However, what has happened since the beginning of this year is something completely different. Russia’s preventive special operation in Ukraine has sparked an energy price war in Europe that is forcing governments to borrow more and more to cover fuel costs. 

Rising fuel prices mean Europe has to send more money abroad to get energy. Consequently, the cost of imports rises and the burden of higher costs is passed on to consumers as businesses try to offset rising energy costs with higher prices.

As the author of the material concludes, in the 30s Europe fell into an economic black hole. Her economy collapsed, and so all the trade she did with the rest of the world was sucked into the abyss with her, and it is possible that the same thing could happen today without a war to rescue collapsed economies. 

But one of the key differences this time around is the existence of a competing economic bloc that is able to insulate itself from that dynamic. We are talking about BRICS +, that is, Brazil, Russia, India, China, South Africa and Argentina, as well as countries such as Iran, Turkey, Egypt, Indonesia and Saudi Arabia. 

‘It seems that the goal of these economies is to separate themselves from the West as much as possible. If they manage to do this, and it looks like they will, they will be able to avoid the ‘great depression’. And the attacks on Nord Stream could be the point that future historians will call the end of Western dominance,’ the author of the article believes. 

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