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IPFS News Link • Germany

Will Washington's Sanctions Destroy the German Automobile Industry?

• https://www.paulcraigroberts.orgPaul Craig Roberts

As Mike Whitney writes, "Berlin will always march in lockstep with Washington rather than fulfill its business agreements or act in the interests of its own people." https://www.unz.com/mwhitney/meet-the-new-boss-putin-reroutes-critical-hydrocarbons-eastward-leaving-europe-high-and-dry/

Germany is paying a high price and soon American owners of BMWs, Mercedes, Porsches, and Volkswagens will be too. The absurd sanctions against Russia are disorganizing the German economy. This week the sanctions caused a 40% reduction in natural gas to Germany via the Nord Stream pipeline, giving a further boost to natural gas prices that have tripped in the last three months. Russian gas flows into Europe through Ukraine have been reduced by Ukraine and those from the pipeline through Poland have been stopped. As there is no readily available alternative supplies, Germany industry is going to have a difficult time functioning. Owners of German cars can likely expect a parts shortage. It is possible that Washington's sanctions against Russia will destroy the German automobile industry.

Some European factories are already shutting down. As the Federal Reserve seems determined to put the US economy into recession, the Western world could soon be in recession and experiencing political instability. Western governments and the presstitutes will blame Russia. However, it was Washington's sanctions, not Russia, that raised prices and disrupted energy and other markets. The ill-considered attempt to blackmail Russia has backfired on the West. The silver lining in the looming economic hardship is globalism's demise.