| | So the biggest blockage to this plan is [[political]]. But the political facts on the ground in [[Europe]], characterised by what is happening in [[France]] right now, are bringing the final political reckoning with defeat ever closer, while making the pill more bitter.}} | | So the biggest blockage to this plan is [[political]]. But the political facts on the ground in [[Europe]], characterised by what is happening in [[France]] right now, are bringing the final political reckoning with defeat ever closer, while making the pill more bitter.}} |
| − | {{quotebox-float|'''Prof. Sachs"''' Europe is burning because it's in [[economic]] [[crisis]] and the political leaders in Europe don't respond to the basic interests and needs of the citizens. By the way, politically the situation is the same in the [[United States]]. Thank God the US is not burning right now, but the government is extremely unpopular in the United States because it's engaged in [[war]] rather than addressing the needs of American working families. So the situation is similar, but Europe is really suffering from its response to this [[NATO war in Ukraine|mess in Ukraine]]. It has put on more than [[Russian sanctions|20 rounds of sanctions]]. But what that has meant for [[Europe]] is to cut itself off from the low-cost [[energy]] that was core to Europe's competitiveness and its [[industrial]] base which, since 2022, is therefore been shrinking with [[job]]s being lost, with [[living standards]] going down, and all the European [[politician]]s, especially in the big countries, [[Germany]] with Chancellor [[Merz]] or [[France]] with President [[Macron]]. They speak of more [[war]]. And the [[public]] doesn't want more [[war]]. The public wants [[peace]]. It doesn't want to put hundreds of billions of [[dollar]]s or [[euro]]s into the [[Ukraine war]]. It doesn't want to pay six times the cost of [[Russian]] [[natural gas]] by buying [[American]] [[liquefied natural gas]] shipped across the [[Atlantic Ocean|Atlantic]]. So the public is disgusted and the [[European]] [[politician]]s are absolutely bizarre in my view. They have been failed politicians for years. | + | {{quotebox-float|'''Prof. Sachs:''' [[Europe]] is burning because it's in [[economic]] [[crisis]] and the political leaders in Europe don't respond to the basic interests and needs of the citizens. By the way, politically the situation is the same in the [[United States]]. Thank God the US is not burning right now, but the government is extremely unpopular in the United States because it's engaged in [[war]] rather than addressing the needs of American working families. So the situation is similar, but Europe is really suffering from its response to this [[NATO war in Ukraine|mess in Ukraine]]. It has put on more than [[Russian sanctions|20 rounds of sanctions]]. But what that has meant for [[Europe]] is to cut itself off from the low-cost [[energy]] that was core to Europe's competitiveness and its [[industrial]] base which, since 2022, is therefore been shrinking with [[job]]s being lost, with [[living standards]] going down, and all the European [[politician]]s, especially in the big countries, [[Germany]] with Chancellor [[Merz]] or [[France]] with President [[Macron]]. They speak of more [[war]]. And the [[public]] doesn't want more [[war]]. The public wants [[peace]]. It doesn't want to put hundreds of billions of [[dollar]]s or [[euro]]s into the [[Ukraine war]]. It doesn't want to pay six times the cost of [[Russian]] [[natural gas]] by buying [[American]] [[liquefied natural gas]] shipped across the [[Atlantic Ocean|Atlantic]]. So the public is disgusted and the [[European]] [[politician]]s are absolutely bizarre in my view. They have been failed politicians for years. |
| | But as the '''unhappiness''' has increased, as the approval ratings for Macron dipped below 20% and then below 15% and then reaching about 10% approval, and that means 70 or 80% disapproval. There was no reaction of the [[government]] to the '''unhappiness''' in the public, and now a spark and explosion and it's just a disaster. Of course, the [[economic]] fallout of what's happening in [[France]] is profound. [[Interest rate]]s are soaring. [[French]] [[public debt]] is already very large. Now will pay a compound penalty [[interest rate]] on top of this. This will exacerbate the [[Stagflation|economic stagnation]] and decline being felt throughout [[Europe]]. Next door in [[Germany]], the unpopularity of the Chancellor and his party are equivalent. This is the situation. It's a continent that is engaged in an extraordinarily [[NATO war in Ukraine|unpopular war with Russia]] that could be ended as I am emphasizing through a sensible [[negotiate]]d outcome. But the [[European]] leaders are choosing the drums of [[war]] rather than the negotiating table.}} | | But as the '''unhappiness''' has increased, as the approval ratings for Macron dipped below 20% and then below 15% and then reaching about 10% approval, and that means 70 or 80% disapproval. There was no reaction of the [[government]] to the '''unhappiness''' in the public, and now a spark and explosion and it's just a disaster. Of course, the [[economic]] fallout of what's happening in [[France]] is profound. [[Interest rate]]s are soaring. [[French]] [[public debt]] is already very large. Now will pay a compound penalty [[interest rate]] on top of this. This will exacerbate the [[Stagflation|economic stagnation]] and decline being felt throughout [[Europe]]. Next door in [[Germany]], the unpopularity of the Chancellor and his party are equivalent. This is the situation. It's a continent that is engaged in an extraordinarily [[NATO war in Ukraine|unpopular war with Russia]] that could be ended as I am emphasizing through a sensible [[negotiate]]d outcome. But the [[European]] leaders are choosing the drums of [[war]] rather than the negotiating table.}} |