[Sharing] The Long-Term Economic Implications of the Ukraine War – Dan Steinbock, The American Conservative

The human suffering in Ukraine is predicated on massive U.S. military aid, and is transforming an ailing country into a bankrupt failed state

[my illustration : the US embassy in Saigon on April 29, 1975 (Hugh Van Es)]

Douglas Macgregor recently argued in these pages that Washington’s refusal to acknowledge Russia’s legitimate security interests in Ukraine and to negotiate an end to the war will cement “the path to protracted conflict and human suffering.” As Macgregor observed, even while the tide is now turning in Ukraine, Washington’s foreign policy continues to be fueled by the ideological self-delusion of the true believers: “Like the ‘best and the brightest’ of the 1960s they are eager to sacrifice realism to wishful thinking, to wallow in the splash of publicity and self-promotion in one public visit to Ukraine after another.”

It is indeed a spectacle eerily reminiscent of events over half a century ago, when Washington’s proxy war in Vietnam was escalated even as it was failing. The U.S./NATO-led proxy war against Russia in Ukraine has already bankrupted the Ukrainian economy, an outcome some observers saw nine months ago. It will also accelerate the decline of the U.S. international role and global economic prospects. When great powers fail to balance their economic base with their military power and strategic commitments, they risk imperial overstretch. That is America’s key global risk in the 2020s. And due to the U.S. role in the world economy, the global repercussions of such overstretch will be adverse, extensive, and long-lasting […]

From the economic standpoint, these military expenditures, including U.S. Ukrainian aid, should be seen as massive, recurrent, multiyear bastard Keynesianism: a series of military stimulus packages to prop up the American economy—not Ukraine’s!—amid deepening secular stagnation. Unlike Keynesian stimuli that can have an accelerator effect in the civilian economy, these packages mainly benefit the Pentagon and Big Defense—the military–industrial complex and its revolving-door elites […]

The risk of recession casts a dark shadow over the U.S. economy. The Eurozone already faces a deep one. Japan’s economy is shrinking. The United Kingdom is struggling with the worst fall in living standards since records began. In the 1940s, war threatened to result in excessive debt. Today, excessive debt risks wars that will have no winners, thanks to the best and the brightest [end]

The whole article

my related pieces

Dispute within the Ministerium für Volksaufklärung und Propaganda

Ursula von der Leyen uncensored, when she conceded that the war is a carnage for the Ukrainian cannon fodder

The Western censorship about Ukraine

a chronicle of censorship, disinformation, fake news about Ukraine, across Western social networks and mainstream media

Gone with the wind

about the so-called war on terror, a scam

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