As with many other empires in the annals of history that have collapsed, arrogance and hubris often precede the fall. The American and Western elite thought they had an eternal license to wreak havoc for their own selfish gain. Their economic plunder and weaponry are now turning on their own heads. And it’s long overdue.
The paradoxical thing is that U.S. and European sanctions against Russia while intended to cripple the Russian economy have made the stronger.
Russia’s economy is performing strongly, according to recent forecasts from the World Bank and International Monetary Fund. The outcome defies earlier predictions by the United States and its European allies which held that Western sanctions would bring the Russian economy to its knees and force it to submissively “Cry Uncle”.
When the conflict in Ukraine escalated 16 months ago (after eight years of NATO-sponsored aggression using the Kiev Neo-Nazi regime), various Western politicians and pundits were relishing the prospect of the Russian economy collapsing from “Total War” launched against its international banking and trade.
Well, it didn’t turn out like that. Far from it. As the World Bank noted above, the Western sanctions have simply helped Russia boost alternative markets in China, India, and elsewhere around the globe. A principal earner for Russia is energy exports of oil and gas. Increased sales to Asia have maintained revenues despite the loss of European markets due to Western sanctions.
The paradoxical thing is that U.S. and European sanctions against Russia while intended to cripple the Russian economy have actually made the latter stronger.
Michael Hudson, an American global economics analyst, points out: “The sanctions have obliged Russia to become self-sufficient in food production, manufacturing production and consumer goods.”
Hudson also notes that the U.S. geopolitical strategy is to use sanctions in order to make its supposed European allies more dependent and subservient to Washington.
Another respected commentator, Glenn Diesen, a Norwegian geoeconomics professor, likened the use of Western sanctions to the self-destructive behavior of “self-harm”. The United States and European Union, he says, have “handed over a huge market to the rest of the world”.
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