Economics and politics

Economics and politics (33)

Articles on economics from a political perspective.

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Sometimes you wish you were wrong. In an article on this website around two months before Russia invaded Ukraine, I predicted that war was the most likely outcome, as US and NATO had clearly stated they didn’t accept Russia’s “red line”: the demand that NATO stop its eastward expansion. I asked whether NATO believed the Russians were bluffing, or whether they had decided to throw Ukraine under the bus. Unfortunately, it seems the decision was to sacrifice Ukraine.
Sunday, 30 January 2022 21:56 in Economics and politics

Sanctions are a dead-end

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Sanctions are increasingly being used by Western countries. This is so despite that most studies show that they fail to achieve their stated goals, cause enormous human suffering in the targeted countries and create problems for the Western Countries themselves. The wave of refugees from Syria is an example. The sanctions against Afghanistan will no doubt create a new wave. Welcome to Foreign Policy 2.0.
Thursday, 27 January 2022 23:44 in Economics and politics

When will the bubble burst?

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Crisis in a capitalist economy is often the result of a bubble bursting. The last time a bubble burst was in 2008, in what was called the Global Financial Crisis, when the whole financial system was on the brink of implosion. Despite slow economic growth since, new bubbles have been building up, particularly in the housing and stock markets. When will they burst?
Thursday, 06 January 2022 00:10 in Economics and politics

Is inflation really back?

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Inflation is suddenly back in the developed countries, a phenomenon many thought was something that belonged to the past. A year ago, most central bank governors assured that this was an expected and transitory phenomenon as the developed economies returned to growth after the Covid induced depression in 2020. Now it looks not to be that transitory. So has inflation come to stay?
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To Russia’s demand for a stop for NATO’s eastward expansion, NATO General Secretary Jens Stoltenberg has answered that Russia has no say in which countries are becoming members of NATO, a viewpoint that has been repeated by the G7 countries, warning that there will be “massive consequences” for Russia if it intervenes in Ukraine. So Russia’s “red lines” have been rejected, well knowing that this may mean military conflict. What is contradictory is that by defending Ukraine’s right to NATO membership, NATO actually risks throwing Ukraine under the bus. So has NATO decided to sacrifice Ukraine? Or are the Russians…
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When the US increased the capacity for exporting Liquified Natural Gas (LNG) in 2019, Trump promised a new era where the Europeans would get “freedom gas” instead of the malign Russian gas. Now that Europe is in the middle of a gas crisis with soaring prices, what happened to the freedom gas? Short answer: it went to South-Eastern Asia where prices are better. The gas crisis is a result of EU’s love for spot-markets for energy rather than long term contracts. This implies that they sometimes get very cheap gas and sometimes very expensive gas. Just now, the EU is…
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