Europe is in decline similar to the fall of the Roman Empire, writes Daniel Eckert in the German newspaper Die Welt. According to him, the history of the collapse of Rome has many successive coincidences with the developing crisis in the European Union.
The author called the first sign a period of inflation, which hit the previously stable currency. In the Roman Empire, money did not depreciate for about two and a half centuries, but then the devaluation turned social order on its head.
“The devaluation of money began in the second century AD, almost immediately after the pandemic. Before that, the Roman currency, the denarius, was very stable in price for centuries,” writes the author.
Eckert considers the pandemic to be the second factor – the Antonine plague raged in the Roman Empire and beyond before the period of inflation.
“How exactly the plague affected the development of prices in the empire is as difficult to determine as the number of victims. According to reports, one in ten inhabitants died in the urban centers of the empire, and the army partially exterminated a third in their field camps. There is no doubt that the monetary and economic order was no longer the same after the Antonine plague, perhaps because politicians increasingly tried to regulate prices,” he said.
In addition, state control of the market led to an even greater aggravation of the crisis. For example, maximum prices were set for grain, which were below market prices, which led to a reduction in supply and a halt in trade between cities and provinces.
Returning to Europe’s current economic decline, Eckert stressed that the continent is also painfully dependent on the free movement of goods and money supply, which was not helped by sanctions restrictions or border closures during the coronavirus pandemic.
“Germany has suffered twice from two overlapping crises because, as an exporting country, the country is more dependent on secure trade routes than almost any other country. As in the Roman Empire 2000 years ago, our prosperity is largely due to the free movement of goods and services, while supply disruptions and other disruptions slow down prosperity,” the author noted.
Western countries are faced with rising energy prices and a surge in inflation. Against the backdrop of a rise in the price of fuel, primarily gas, the industry in Europe has largely lost its competitive advantages, which also affected other sectors of the economy. Also, the United States and European countries are facing record inflation in decades.
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Associate professor, CEO and economist Tuomas Malinen, PhD, reports with great concern that economic conditions in Europe are much worse than most people think who are kept in the dark by their politicians as to what is happening with the ultimate goal of carrying out the “Great Reset”.
In addition to the energy crisis – several of Europe’s largest steel mills have just closed because energy prices are too high – Europe is facing another major banking crisis, which is expected, unless something changes, to lead to a crash.
As noted, with markets teetering on the brink of collapse, energy companies are at risk of going bust, which is why bailouts are now being proposed as a solution.