In 2020, the EU agreed on a seven-year budget of 1.1 trillion euros. “Two years later, this sum has already been allocated—five years too early,” Alastair Crooke reports. A month ago, Germany announced it had no more money to provide the EU and it would need to chop its spending by €30 billion. Given the way the illegal sanctions and suicidal energy policies adopted by the EU have razed the entire EU’s economic structure, there’s little available for other nations to provide. We’ll certainly see the rules-based nature of the EU finally coming out of the closet as Crooke notes:
Jul 18, 2023·edited Jul 18, 2023Liked by Karl Sanchez
I believe Germany will be the country to watch; it was already notably less inclined to federalism than for ex France, and as its economy craters due to de-industrialization it simply won't be able to pony up the funds to keep the sinking ship that is the Eu afloat, let alone boost spending to meet NATO targets. Ukraine truly is the gift (the poisoned chalice) that keeps on giving...
the european central bank (ecb) is manipulating the euro just like the us' federal reserve and japan central bank.
difficult to find current comparisons: 2 years ago the ecb 'asset holdings was 64% of euro area gdp, while us federal reserve at that time was 36% of us gdp.
us dollar strength is basically other currency, euro, yen weakness. while lately us' monetary weakness is showing as well.
I believe Germany will be the country to watch; it was already notably less inclined to federalism than for ex France, and as its economy craters due to de-industrialization it simply won't be able to pony up the funds to keep the sinking ship that is the Eu afloat, let alone boost spending to meet NATO targets. Ukraine truly is the gift (the poisoned chalice) that keeps on giving...
the european central bank (ecb) is manipulating the euro just like the us' federal reserve and japan central bank.
difficult to find current comparisons: 2 years ago the ecb 'asset holdings was 64% of euro area gdp, while us federal reserve at that time was 36% of us gdp.
us dollar strength is basically other currency, euro, yen weakness. while lately us' monetary weakness is showing as well.
Of course, with Europe broke, all monetary support for Ukraine will need to come from the USA--for as long as it takes!
Reuters Feb 2023:
"European countries' bill to shield households and companies from soaring energy costs has climbed to nearly 800 billion euros"
https://www.reuters.com/business/energy/europes-spend-energy-crisis-nears-800-billion-euros-2023-02-13/#:~:text=BRUSSELS%2C%20Feb%2013%20(Reuters),to%20tackle%20the%20energy%20crisis.