As the multiple crises in Europe deepen with no sign of relief in sight, Oriental Review comments that the ill-considered sanctions against Russia, far from achieving their objective of pressuiring Moscow into ending its war in Ukraine, have exposed the deep rooted problems of the European Union which is rapidly approaching economic collapse.
Without offering any evidence in support of its allegation the article states that a large number of businesses are on the verge of bankruptcy.
There is some truth in the article of course but the problems began long before war broke out in Ukraine. The continuing influx of of illiterate, unemployasble immigrants from Africa, the Middle East and Ukraine is pushing government spending ever higher spending and causing unsustainable tensions in European societies as the newcomers refuse to abide by European laws and civilised standards of behaviour.
While this is going on, vast amounts of money are being thrown away in supporting the neo - Nazi nutters of the Kiev regime in their hopeless war against Russia. As a result, Europe’s economies are contracting at an alarming rate and living standards are plummeting.
In Britain many small businesses are stuggling due to higher energy costs according to a report from the analytical group Make UK, represents the interests of British manufacturing industry. 13% of British factories have reduced working hours and 7% are considering temporary shut downs temporarily closing down. Energy costs have risen by more than 100% compared to last year and all this has come while businesses were still trying to recover from the disastrous effects of the COVID panemic and associated lockdowns.
cost of gas, heat and electricity has already caused a sharp
rise of prices of energy resources on the European market. As a result,
energy bills of European households have increased. According to Goldman
Sachs’ analysts, its cumulative cost will peak in early 2023,
increasing by 2 trillion euros. It has also led to a record depreciation
of the European currency over the past 20 years.
In Germany the Leibniz Institute for Economic Research reports the number of firms and individuals went bankrupt in August alone rose 26% compared to the same period last year. The figure was significantly higher than German analysts had predicted. According to experts the number of bankruptcies will only increase as we move into winter. This is connected with the increase of the cost of production processes, in particular with the rise in prices for energy, and supply chain problems caused by lockdowns.
Olaf Scholz, Germany's hapless chancellor acknowledged that many Germans faced with rising prices for fuel and food are struggling to make ends meet. The situation in Germany is exacerbated by the curtailment of gas supplies from Russia, and by food shortages Most countries in Europe are in a similar situation but the ruling bureaucrats of the EU are prepared to sacrifice quality of life and economic prosperity in order to continue their efforts to wage economic war on Russia and to advance the self destructive, loonytoons energy policy in pursuit of the Green blob's dream of 'net zero.'.
In spite of all this EU leaders continue to supply Ukraine with military hardware, ammunition and financial aid, even though many experts believe should Russia decide to shut down the Nord Stream 1 pipeline completely (it is currently running at only 20% of capacity,) this will cause Europe’s worst energy crisis since World War 2.
Attempts by EU leaders to introduce a price cap on energy from Russia have completely failed.
Manuela Schwesig, state premier of Mecklenburg-Vorpommern, and Markus Söder, state premier of Bavaria, visit a site that will feed an existing pipeline network with liquefied natural gas in Lubmin, Germany, on August 30, 2022