Virgos Groove Posted December 11, 2023 Posted December 11, 2023 (edited) Quote The United States is experiencing an investment boom, owing to industrial policies that grant enormous subsidies – including to European firms – for investing in America, largely in green tech. Europe, meanwhile, is responding with a return to the austerity policies that caused it to fall behind the US in the first place Quote In 2008 Europeans earned, in aggregate, 10 percent more than Americans. By 2022, Americans were earning 26 percent more than Europeans. This week, the Wall Street Journal confirmed that Europeans are becoming poorer not just collectively but also privately. This shocking reversal of fortune was caused by the unprecedented level of austerity European governments inflicted upon their economies following the 2008 global financial crisis. Quote Apart from luxury goods (where companies like LVMH, Hermès, Porsche, and Ferrari lead the way) and soccer, Europe is becoming an economic minnow. The mighty German car industry may have retained its output but its value-added is in long-term decline. Across Europe, investment in manufacturing green tech is woeful. Batteries, artificial intelligence, and all the digital technologies that are driving global growth have left Europe in their wake. Back in 1990, Europe was manufacturing 44 percent of the world’s semiconductors; now it only makes 9 percent (the US produces 12 percent). Big Tech is almost exclusively American and Chinese. Of the top 20 tech companies worldwide, only two, ASML and SAP, are European. Quote Economic historians will look back to the 2008 financial crash, the post-2009 public debt crisis that ensued, and the pandemic as a sequence of opportunities Europe’s elites chose to miss, instead defaulting to austerity as soon as circumstances permitted. Most commentators blame this on irrational fear of inflation (owing to, say, Germans’ collective memory of the Weimar Republic), macroeconomic illiteracy, or other factors. I have argued that it is primarily motivated by an enduring class enmity toward Europe’s working people. x Thoughts? Edited December 11, 2023 by Virgos Groove
glitch Posted December 11, 2023 Posted December 11, 2023 Yes. I can't speak for the rest of Europe but the UK has recently had a complete refusal to make long term investments. Whether that be renewable energy, public transport, healthcare. Cutting and cutting doesn't really help anyone. I'm sick of people being told to make do with less. Btw the link in the OP just links back to this thread 1
Virgos Groove Posted December 11, 2023 Author Posted December 11, 2023 2 minutes ago, glitch said: Yes. I can't speak for the rest of Europe but the UK has recently had a complete refusal to make long term investments. Whether that be renewable energy, public transport, healthcare. Cutting and cutting doesn't really help anyone. I'm sick of people being told to make do with less. Btw the link in the OP just links back to this thread Fixed
Tropez Posted December 11, 2023 Posted December 11, 2023 Europe has made bigger mistakes in the past. 1
Mr.X Posted December 11, 2023 Posted December 11, 2023 IN a nutshell, yes. It is also one of the main issues that is driving fascism across the European continent. The less people have, and the worse their lives, the more radical and protectionist nationalistic movements grow. Basically, liberalism has really damaged the EU project, ensuring the populations get poorer whilst multi-nacional companies and their CEOs get richer. And people are rebelling agaisnt it. And rightly so! 2
Mr.X Posted December 11, 2023 Posted December 11, 2023 9 minutes ago, Tropez said: Europe has made bigger mistakes in the past. To be fair, it is making incredibly bad ones right now too. Austerity, a return to fascist policies of anti-migration and continuous militarization of some of the countries, whilst enforcing policies of anti-free speech to protect businesses and the arming of the genocide of Israel. No wonder fascist parties are winning across the continent. It's really revolting how the EU keeps damaging the continent.
byzantium Posted December 11, 2023 Posted December 11, 2023 I can think of at least 100-200 worse mistakes Europe committed, but Austerity is not great either. 1
Virgos Groove Posted December 11, 2023 Author Posted December 11, 2023 15 minutes ago, Tropez said: Europe has made bigger mistakes in the past. Okay, tea. Biggest mistake this century then.
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