Analyze.  Why the states of the world fear globally

The Chinese Communist Party is cultivating fear of the pandemic and strengthening its authority, crushing the recovery of the world economy. Some say he is preparing to invade Taiwan. Crises occur everywhere, and fear grows.

War, competition for economic and geopolitical supremacy, the pandemic, and the unhealed wounds of the global financial crisis have created economic storms on every inhabited continent. If they unite, they will create the mother of storms. But the great storm may not come too soon. Meanwhile, the world is beginning to be haunted by fear. Fear and hatred give birth to monsters. First, in the United States, the world’s largest economy, inflation is so strong that the world’s strongest central bank seems ready to sacrifice the economy to curb price increases. Inflation is something new there. The weapon used is interest rate hikes, and the last one is considered oversized – three-quarters of a percentage point, huge for an economy the size of America. The biggest fear is recession. The reassuring thought that the Fed will gradually take small steps to bring the economy to a smooth landing has proved to be a fantasy. Social security nets are thin in the United States. Much thinner than in the European Union. The recession caused by the global financial crisis in the United States has meant job destruction, unemployment, inequality and social turmoil. The bitter aftermath of the crisis brought Donald Trump to the White House, an admirer of Russian President Vladimir Putin and a disruptor of the Western world order. Trump has ousted America’s allies. The irony is that the determined struggle of the Fed and the administration of President Joe Biden will bring the recession to the United States and cost him his second term. Trump is lurking and warming the spirits. Not even the Fed assures that the recession is coming.

In Europe, the European Central Bank is only now engaged in the fight against inflation. This fight means giving up a mechanism to protect vulnerable eurozone economies and keep the financing costs of countries like Italy, Greece, Spain and Portugal down. At the first sign of the war on inflation, Italy’s financing costs soared, raising fears of a new debt crisis. When fear spread, the ECB acted promptly, announcing a new safeguard mechanism.

But until the next euro crisis, Europe is going through an energy crisis that is rapidly turning into a cost-of-living crisis. Everything is getting more expensive in the euro area and in the EU. For nations like Estonia, this price is acceptable if it means protection against Russian aggression. There, in Estonia, a country of less than 1.5 million people, the fear that the country will be trampled by Russian tanks is much greater. For Germany and France, Russia’s war in Ukraine is far from over. The fears in Eastern Europe are incomprehensible. Berlin has for decades considered Moscow a reliable partner. So is Paris, which has a more romantic picture of Russia and communism. The war also changed things for Europe’s largest economic powers. However, there the fear of war is weaker than the nostalgia of business with the lost Russians. For example, Wintershall, a huge German gas company in Germany, a subsidiary of the giant BASF, has transported 14 billion euros of Russian natural gas across the country, according to NGO Global Witness. EUobserver. This business – a partnership with Gazprom – brought him a profit of 400 million euros, although the German business promised not to make money for Russia. Gazprom is the instrument by which Moscow turns its natural gas into money for the war machine with which it is trying to conquer Ukraine. A few days ago, Gazprom announced a reduction in gas exports to Germany via the North Stream’s flagship gas pipeline (for Russian-German friendship and EU fragmentation).

In Eastern Europe, no one doubts that the Hungarian government is acting in the interests of Russia and the ruling party. Weakening the EU or isolating the country uses the Fidesz party to strengthen its control over the economy and society. Big business with the state is served to the party’s loyal customers. Russia’s gas and money make life more comfortable for Fidesz. Bulgaria has an ambivalent attitude towards Russia. What is happening now on the political scene also explains why. New Prime Minister Kirill Petkov, a pro-EU politician, has taken a hard line on Moscow. He fired Foreign Minister Stefan Yanev after describing the Russian invasion of Ukraine as a “special operation”, the description used by the Kremlin. Meanwhile, Petkov’s coalition has lost its majority in parliament over an EU enlargement dispute, the Financial Times writes. Ianev is ready to return to positions with a new party, nationalist and pro-Russian. Bulgarian nationalists do not want Albania and Macedonia to become members of the EU. The political crisis may prevent Bulgaria from becoming a member of the eurozone. In other parts of the world, another fear is emerging that the emerging world will be shaken by a debt crisis. Sri Lanka is in crisis. Is Laos coming? With regard to China, America’s main contender for supremacy in the world, fears have caused capital withdrawals from banks and what appears to be a tightening of control over President Xi Jinping. Following the outbreak of the Covid-19 epidemic in China, the Communist Party pursued a policy of Covid 0. Even as the West became more relaxed in the face of the disease, Beijing authorities closed international ports and quarantined cities as large as a country and economic centers. exacerbating global shortages. Some analysts believe that Beijing is raising its shields and preparing the ground for the invasion of Taiwan. The Russian recipe seems effective: a war in times of crisis that aggravates the crisis. Will Europeans and Americans accept less money, less consumerism, less waste for the freedom of nations that have cared too little about them so far? Some have already chosen, saying that the war in Ukraine is not theirs.

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