{"id":65400,"date":"2023-06-05T06:29:41","date_gmt":"2023-06-05T11:29:41","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65400"},"modified":"2023-06-05T06:29:41","modified_gmt":"2023-06-05T11:29:41","slug":"the-precipice-europe-on-the-verge-of-its-long-decline","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65400","title":{"rendered":"The Precipice: Europe on the Verge of Its Long Decline"},"content":{"rendered":"
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The Precipice: Europe on the Verge of Its Long Decline<\/a><\/h3>\n<\/div>\n
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Green transportation.\u00a0No kidding<\/a>. Photo by\u00a0luana niemann<\/a>\u00a0on\u00a0Unsplash<\/a><\/figcaption><\/figure>\n

A serious and long lasting economic downturn in Europe is now within sight. Not a mild recession, but something truly transformative\u2026 something similar to the 1930\u2019s great depression. The energy crisis simmering on the back-burner\u00a0<\/em>since 2 years now<\/em><\/a>\u00a0seems to be getting close to its boiling point: with a war in Europe, the blow up and closure of most natural gas pipelines, persistent inflation, drought and a complete global geopolitical rift on top of it all, only luck can save Europe from its fate.<\/em><\/p>\n

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\u201cLabour without energy is a corpse; capital without energy is a sculpture.\u201d<\/p>\n

Professor Steve Keen<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n

E<\/span>nergy is the economy. It takes energy to power machines and manufacturing equipment, melt steel, make cement, pour concrete, transport goods and deliver services. It also takes abundant and cheap resources and stable supply chains to run an economy. Take these inputs away and even the strongest economic growth turns into a recession. Our ruling caste\u2019s obsession with ideologies, monetary theories, regulations, policies and digitization, has obscured these simple facts, but the results of their ignorance will be harder and harder to conceal with every passing day. Take the case of Germany, the biggest economy of Europe falling into a\u00a0recession<\/a>:<\/div>\n
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GDP fell by 0.3% for the quarter when adjusted for price and seasonal effects, according to the\u00a0data from the Federal Statistical Office, Destatis<\/a>.\u201cAfter GDP growth entered negative territory at the end of 2022, the German economy has now recorded two consecutive negative quarters,\u201d said Destatis President Ruth Brand.\u00a0Inflation continued to take its toll<\/a> on the German economy during the quarter, the office said. This was reflected in household consumption, which was down 1.2% quarter-on-quarter after price and seasonal adjustments…<\/p>\n<\/blockquote>\n

\u2026click on the above link to read the rest\u2026<\/p>\n

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The Precipice: Europe on the Verge of Its Long Decline Green transportation.\u00a0No kidding. Photo by\u00a0luana niemann\u00a0on\u00a0Unsplash A serious and long lasting economic downturn in Europe is now within sight. Not a mild recession, but something truly transformative\u2026 something similar to the 1930\u2019s great depression. The energy crisis simmering on the back-burner\u00a0since 2 years now\u00a0seems to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[150,196,33843,281,33842,32578],"class_list":["post-65400","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-collapse","tag-decline","tag-deindustrialisation","tag-europe","tag-long-decline","tag-the-honest-sorcerer"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65400"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65400\/revisions"}],"predecessor-version":[{"id":65401,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65400\/revisions\/65401"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}