Economic Logic has been Replaced by National Security Overrides
The July NATO summit in Vilnius had the feeling of a funeral, as if they had just lost a family member – Ukraine. To clear away NATO’s failure to drive Russia out of Ukraine and move NATO right up to the Russian border, its members tried to revive their spirits by mobilizing support for the next great fight – against China, which is now designated as their ultimate strategic enemy. To prepare for this showdown, NATO announced a commitment to extend their military presence all the way to the Pacific.
The plan is to carve away China’s military allies and trading partners, above all Russia, starting with the fight in Ukraine. President Biden has said that this war will be global in scope and will take many decades as it expands to ultimately isolate and break up China.
The U.S.-imposed sanctions against trade with Russia are a dress rehearsal for imposing similar sanctions against China. But only the NATO allies have joined the fight. And instead of wrecking Russia’s economy and “turning the ruble to rubble” as President Biden predicted, NATO’s sanctions have made it more self-reliant, increasing its balance of
— source michael-hudson.com | michael hudson | Jul 22, 2023