by Chris Black
The European Union is imploding and not a single politician will address this.
The Euro has fallen to parity with the dollar, for the first time in 20 years. This is on top of inflation which is officially at 8.6% and likely above 10%, not to mention a rising interest rate and the ECB preparing to cease financing member state deficits.
Russia is likely to cut off all fuel to Germany, as Nordstream 1 is currently down for regular maintenance and the Germans are not confident it will come back online.
The Italian government of the former ECB chief and arch neoliberal, Mario Draghi, is on the verge of collapse, and countries such as Estonia and Spain are facing serious fiscal and financial crisis which are likely to bring down their ruling parties.
A failing currency, brought on by a failed economic model and resulting in destabilized governments and economies is threatening even the short term viability of the ruling Neoliberal-Jewish power structure in Europe.
And that’s a good thing.
These are the last days of the empire, God willing.
Euro parity with the dollar is still in play after a near miss yesterday, particularly if the latest US inflation data fuel expectations of a relatively more hawkish Fed t.co/1TsAOnn5gO pic.twitter.com/Xt3gLc0HWa
— Bloomberg (@business) July 13, 2022