The suicide pact of Europe is relentless. After Russia, Qatar! This is what happens when ideology trumps pragmatism and incompetent people are in charge.
What's next? Just as for Ukraine, Europe will double down since for fanatics, failure is not because you are not doing the right things but because you are not doing enough of it.
In the early 1980s when the price of oil exploded, studies after studies confirmed that nuclear and gas would replace coal and oil in the 21st Century. Less polluting and cheaper to run, the energy future of the continent was bright. Then the "green" ideology took over. Not the let's-tax-less farms and provide cheap loans for investment in agriculture. The other one, the let's codify every single step, create forms and standards to fill in, technocratic-style Brussels way. Result? Concentration and waste.
A country like France which 50 years ago was producing twice as much in agriculture as it needed, is now importing food. As for energy, France is covered in wind mills and solar panels for which it has little use being a major nuclear power producer with the not so insignificant side effect that electricity prices have more than doubled in a few years.
And let's not mention Germany, which has basically no core energy production left (base load in technical language), having closed all its nuclear power plants and shut down cheap gas imports from Russia, with the terrible consequence of rapid de-industrialization which we have discussed at length in previous articles.
The unavoidable end result of all this will be bankruptcy in the not so distant future. The next recession will probably be fatal to countries like France or the UK as this time, Keynesian reflationary policies will be off the table.
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