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An Industrial Revolution in energy production would help enormously with global decarbonization, and would have the added effect of increasing prosperity. Recent strategic US investments should boost innovation, and I would expect something similar in the EU, so long term we are all going to be just fine. The proximate challenge is maintaining political stability in the midst of the Second Cold War.
21:05 Europe seems to be completely defenseless. (quick jump away from topic) Are you sure about that, I mean have you actually checked. How about a video on that. Maybe the comments can help.
Real growth from investments in China are vastly lower than expected or reported by some. Especially when you include losses from copycat industries and immobile currency, both factors supported by the government of China. A recent report put the annualized real average growth for foreign direct investment in China at a pathetic 1%. This is why large investors in the USA have been fleeing China for other markets, even before the tariffs increased.
@@stupidburp Good point. Widespread corruption probably has a sizable impact on real GDP. Trying to operate a business in a hostile environment of threats, disinformation, and political instability due to extreme CCP incompetence adds a lot of unnecessary risk. ‘…many outside organizations have tried to use various methodologies to determine what the actual size and growth rate of the Middle Kingdom’s economy might be. One group of economists used multiple factors and found China’s GDP to be roughly 20% smaller than advertised. Carnegie scholar Michael Pettis has stated that if the mountains of bad debt within the Chinese economy were treated as they would be in “any other country,” overall GDP growth would be half of what is normally reported. One remarkable study by Luis Martinez of the University of Chicago used satellite data of ground light produced at night across a wide variety of countries to conclude that the entire Chinese economy amounted to less than half of the official figure.’ www.salon.com/2023/10/22/so-understands-the-chinese-economy-definitely-not-china/ Particularly interesting: ‘Gross Domestic Product, GDP, is the most widely used measure of economic activity and one that is very attractive for governments to manipulate. Although the incentive to overstate economic growth is shared by governments of all kinds, the checks and balances present in strong democracies plausibly help to prevent this behavior. In contrast, these checks and balances are largely absent from autocracies. The execution of the civil servants in charge of the 1937 population census of the USSR due to its unsatisfactory findings serves as an extreme example, but a more recent instance involves Chinese premier Li Keqiang’s alleged admission of the unreliability of the country’s official GDP estimates.’ bfi.uchicago.edu/insight/research-summary/how-much-should-we-trust-the-dictators-gdp-growth-estimates/
The anti competitive nature of the EU is a combination of French thinking and German neurotic central planning. People are inherently unequal, and no amount of propping some people up will solve that, so to achieve equality, they cut the exceptional people down, french socialism. Every centrally planned economy that extends beyond a single city has failed economically, due to being unable to pivot with the times, but Germany who spent nearly 1000 years as warring city states have this encoded into their genetic selection, and are unable to shake it even when central planning actively and visibly hurts them on a national level, but they're so neurotic that they extend it to the international EU. Lobotomize these two factors, and the EU can be saved. Fail, and the only hope will be the new crusade that will occur in 50 to 200 years.
His term was doomed from the start. The coalition with the FDP made significant progress difficult, if not impossible. The war in Ukraine and the resulting drastic changes consumed many resources. While he is a capable politician, extraordinary times demand exceptional leaders. And he just isn't an exceptional leader.
I would only blame him for his shortsightedness and not looking after his own countrymen. Germany was no way in shape to be dragged into a conflict. The Chinese economy is slowing down which German industry was very much dependant one because of exports and supporting Ukraine also effected cheap energy which increased the cost of production. What Germans should have done if they wanted to stand one the same camp as US to diversity it's industry, export market and energy sources. The blind support of US without looking inwards crashed German economy.
@@rickbhattacharya2334 What dragged Germany into this conflict is reliance on Russian natural gas that was built by decades of administrations before him. That is not his doing. If Ukraine is left unable to fend off the Russian invasion, global nuclear non-proliferation will be dead, and international order with it. That's really bad news.
His Zeitenwende was just a slogan paying the lip service to the moment. has later not translated into anything actually meaningful. Germany is not leading
100% germany still votes for CDU ursla von der leyel is still undemocraticaly elected EU still wants slavery by letting in illegals EU will see UKefication from BEST COUNTRY to a shi hole
Germany is the powerhouse of EU, and their birth rate fell below replacement in 1971, and never recovered. For 53 years their population has been ageing, yet no one seems to have a plan for what comes after the German boomers retire.
Germany is supposedly the powerhouse of EU, and their birth rate fell below replacement levels back in 1971, and never recovered. For 53 years their population has been rapidly aging, and it amazes me that nobody has a plan for what happens after the German boomers retire.
Germany is supposedly the powerhouse of EU, and their birth rate has fallen below replacement back in 1971. For 53 years, their population has been rapidly ageing and it amazes me that no one has a plan for what happens after the German boomers retire.
Stop relying on a government to fix your problems. What we need it then to get out of our way. The only job they should be doing is keeping foreign countries from invading. (Military or migrations)
This is the fault of germany for trusting russia and china. If germany becomes a net taker in eu vs a net contributor that's definitely the end of the eu.
A bit more complex. Because the european purchasing power was strong, the EU could influence ("regulate") the world market. The logic was well behind. But China noticed this and therefore deliberately capitalised a part of it's population and the EU just lost it's strategical advantage with that.
the stupidity of your statement is largely untrue - the US has never innovated anywhere in the past 10 years - almost all patents are held by China (which is again a governing body that is held by the US law of patents.) Even if you "make" cleaning chemicals it is small scale, not the actual raw material maker - which is basically 95% imported from China globally.
@@worldview2888 Read "What Do China’s High Patent Numbers Really Mean?" by Alex He shows that 90% of chinese patents are trash he goes to further detail that they are abandoned. So yes it's so chinese to bombard everything with quantity but not quality. It's a good talking point though.
That is what the EU deserves. The EU itself turned against Russia and doubled down on its chauvinism by promoting extremism in Ukraine and other places. Haha karma is a b1tch!
EU disintegration just leads to a collection of individual countries. ... and this leads to complex trade barriers, different currencies and tax/import/export regimes. Damaging trade, increasing consumer cost. What happens next is obvious. Agreements are made to simplify trade between neighbors. These agreements increase. And you get a new EU by a different name. Thus eurosceptics are fighting nature, it is eurosceptics who must justify 6 different customs agencies, border taxes, and multiple currencies, for when someone wants to trade between Denmark and Portugal. Eurosceptics need to find a better system than the EU single market, until then they're wasting their time.
@@tedcrilly46 It's actually the opposite, big empires tend to break apart. The EU behaving more and more like an empire is what will be its undoing. Had it remained an economic zone it would be fine, but when it became all about a central government controlling its member countries it's obvious that some of those countries would start to get upset at their lack of sovereignty. This is why brexit happened, and why other countries might do the same. If the EU wants to survive it needs to show that it's not here to control, but to bring wealth. Overregulating does the opposite.
@@hugoguerreiro1078 Ok then it breaks apart. And what happens next? (a) small individual nations remain economically individualistic. Borders, quotas, individual laws and regulations. (b) they harmonize into EU 2.0. You tell me. Maybe theres even a third option. Go ahead.
When I was in my early twenties I had a business idea. But when I spent hours upon hours reading on the regulations and required inspecyions and certifications, I sighed and scrapped all my plans. Instead I moved to the countryside to a cheap house, work a normal dayjob and build a subsistency farm for myself... If the government doesn't want me making a business, I might as well get as disconnected from the economy as possible. Screw them.
Very entrepreneurial... I also had an idea and actually made it work. I am from the Netherlands and perhaps in your country regulations are different. But if a bit of regulation is making you to skip the plan just perhaps you weren't the best startup material to start with. With all due respect to your choice.
I worked for a natural gas utility in Seattle. When it looked like the utility was going to do layoffs, about 1/3 of skilled tradesman started their own businesses as contractors .contractors. I found that easy to do, myself.
@@pierman4858 The problem is that it's not "a bit" of regulation. It's a massive amount of regulation. Most European countries are overly regulated to the point where it chokes out new ideas and businesses.
@@SeattlePioneer yeah, America is much different than europe with this. one of America's greatest strengths compared to europe especially and even some other countries in the world(like corrupt countries) is the ease of starting buisness in USA. Don't get me wrong, I'm American too, so i KNOW we have our fair share of "Red tape" when it comes to buisness regulations and a lot of stupid regulations that hurt us.......BUT: Europe is on a whole other level than the USA, especially places like Germany. Even with the small amount of researched I've done and opinions from Germans ive heard, the regulation on buisness there is ABSOLUTELY INSANE!!! Its not just some "Red Tape", it is a whole maze with the end barred & chained. Seriously though. Europe could be so much better off with some deregulation in specific areas. I think it has gotten to the point that some of the regulations are hurting buisness more than they are helping! I could be wrong though, as I'm American and don't know what its really like to run a buisness in Europe, but from what little I know, it can make America look like a cakewalk!
You were wise, I wasted years and ultimately getting crushed by regulations. I’m moving to the US as business is virtually impossible in the UK and Europe, at least if you have a little ambition.
R&D spending is an interesting data point you should talk about. US has almost as much R&D spending as the rest of the world combined. Even if the EU reformed tomorrow, it would take massive cultural shifts to actually get on an upward trajectory. You can't solve a problem with the same people and thinking that caused said problem.
The R&D spending is only possible by making health care very expensive in the USA. It's a luxury that most people go into debt over medical bills. The way things are going in the USA aren't sustainable.
Not all R&D spending is justified. The world needs significant innovations (such that result in lowering of cost of living) in order to prevent middle classes from downsizing, and the influx of significant innovations has been falling for decades already. It is precisely significant innovations that allowed formation of wide (!) middle classes in the developed countries that started in the second half of 19th century and continued in 20th century. And increased influx of significant innovations was the result of fundamental scientific discoveries made in the second half of 19th century and in the first half of 20th century. Presently the potential of old fundamental discoveries is mostly depleted and there are no new fundamental discoveries
@@goshawk4340 R&D has nothing to do with healthcare. I don’t understand how you got there. Most R&D is done by private companies that have nothing to do with healthcare. And even the federal budget for R&D is a fraction of three United States spends on healthcare because the economy is so large it can do a lot of things.
In % of GDP european countries spend even more than US. The problem is the companies. European companies investment in R&D is laughable. It all goes to the shareholders. That is the root cause of all out problems. Companies don't Invest, they don't pay good wages, they just give the money to the owner. And consumption is shrinking and companies are becoming irrelevant because they don't Invest. Greed is killing the chicken!
As small business owner of an AI lab i paid more into welfare and insurances last year than i earned myself. As a thank you the commission slapped regulation on our industry, before the tech had a chance to prove market fit. What most people in the EU dont realise is that we are the adults and once innertia of innovation runs out, there will be noone to pay for all these welfare benefits - and they will evaporate, no matter how much we cry and act up.
Why didn't you move the company to US from the start? In year 2024 whether one moves their artificial intelligence company away from EU, is a litmus test, whether that company possesses any organic intelligence whatsoever.
@@MrJustCallMeJames part of it was being naive, part being physically located in Europe already. This all started as robotics project in my garage - i didnt think it would be easy at all, but not for the dumb reasons like preventive regulation
Wow, the same group of people who have spent 20+ years to get us into this situation about to be voted out now claim to be the only ones who can get us out of this situation ... A real vote for me or the end of our nation politician ... so charismatic
At this time I'm so happy that my nation is not in the EU. I believe that it's better for my country to have nothing to do with the EU and to stop dealing with the EU and start dealing with the nations of the EU.
But really, outside of papers and empty numbers on screen. Do you really belive that living standards in EU are so much worse comparing to USA or China? RLLY?
As a Croat I truly wish the EU finds the strength, wisdom and leadership to reform before it is too late. During my lifetime I already witnessed one multinational political union fail, (it lead to a decade of war!) I don't want to see another.
The EU system is not designed to produce strength, wisdom and leadership. It spawns bureaucrats and ensures union-wide equality and welfare. In that way the EU today looks a lot like Yugoslavia in the 80s. It would be wise to analyse for the possibility of war if the EU disintegrates.
@@superresistant0 what is the copium - EU has problems it has to fix - the problem forty years ago was rebuilding and making the EU an actual thing. They've done both of those and now they need to make the EU competitive. Its straightforward
Issue with EU is - too much regulations - too much emphasize on Green policies - Less innovation and investment - hostile twords small startups thanks to over regulations - demographic crisis and influx of incompatible unskilled people
It is saddening to me that fellow Europeans refuse to engage in discussion about our economy, because they believe that European governments can somehow keep them alive with welfare. That is not how an economy works. We already have gigantic problems with pensions. Why should that not continue to go the wrong way if we do not turn around? Beggars can't be choosers.
I think most people know that making the EU competitive again will involve a reduction in the benefits they currently enjoy. For instance, laws around labor protection make company restructuring extremely expensive and/or impractical for European companies. In all likelihood, the scale and radicalism of reform would require an unreasonably disciplined electorate to genuinely implement. Thus, reform will only come once there is no alternative, at which point the EU will be even further behind with even fewer resources to solve the problem.
This is so weird cause back in my neck of the woods in Baltics everything been going ok, our biggest driver of economy are our IT and small electronics and machine parts manufacturing. We have a thriving culture of startups and entrepreneurship as well as no real debt or welfare state, the population been growing for the past 20 years. Yet we are simply too small to affect the policy in the union on a large scale.
I am from the Netherlands and would are doing pretty good here too. But EU taken as a whole the numbers look less rosy, depending on what numbers you value of course.
You are missing the importance of the price of energy. Germany’s economy has tanked since the Ukraine war because it had to cut off its cheap energy source. China Burns lots of coal, USA has the cheapest natural gas. We will begin to have cheap energy in Europe in around 20 years, from molten salt reactors, but that’s a long time to wait.
Europe is so busy focusing on low carbon emissions, taxing, immigration and outsourcing it's industry has become non-competitive. It seems to me like Europe is producing less and less actual products for domestic markets and export and is instead importing more and more. Even products that are made in the EU rely heavily on components manufactured outside of the EU.
Immigration is normally associated with a more competitive economy, America being by far the best and most extreme example. More people willing to work hard means everyone needs to compete at that higher level, and in any controlled immigration system (with both Europe and American have) you can bias towards the more educated and capable, artificially increasing your average education and skills. Again, American is a hilariously good example, having scalped the best talent from literally the entire world, China and Europe very much included.
Immigration should be part of the solution instead of labeling it a problem, when you send weapons everywhere and kill people, don't cry when people want to come to your country, they should consider migrants as guests, more welcoming Because Europe will be empty in 10 or 20 years from now as people are old. And young people don't want children anymore, too expensive. No future. The only way Europe can survive is through immigration, not only expats because they will leave. Education, housing, so important.
Neither development or security will take precedeng, the money will go towards funding large welfare states as it always did. Russian aggression be dammed our seniors need to have three paid vacations a year in exchange for blocking any new developments as NIMBYs
Russian aggression outside of it's border territories is a myth lmao, they can't even take Ukraine. You think they're coming for the rest of Europe? Get real.
@@user-nm9qd6bo6h they literally had tanks in Kiev until the Putin pulled them back during the first negotiations, then Boris Johnson scuttled the talks as soon as they could get reinforcements in... It amazes me how short the EU fans memories are.
@@king_kiff3969 How is it living in an alternate reality? Do people on your world also ignore every advertisement, or do you buy everything that is sold to you?
To blame pensions for our lack of development is rather nonsensical, we don't invest because we set ourselves dumb goals to prevent investing because that would take money and "debt scary".
The biggest difference between the British superpower and modern US is that Britian was the head of a large mercantile system. The British system was dependent on the countries it colonized. The US is self sufficient within North America.
@@theliato3809 True, but that was a political choice that is now being reversed through re-shoring. 95% of the US economy is within North America. US does not rely on globalization for its economy.
@@theliato3809 That might be changing soon, if Trump gets back into office. Our Republican party has been working with conservative leaders in El Salvador, Argentina and Panama. For the first time, Americans are cheering on our neighbors' leaders. A new American block is coming soon. The writing is on the wall. The Democrats want to stay in NATO. The Republicans want to ditch NATO in favor of working with North and South America. NAFTA will be scrapped and replaced with something more expansive in a couple years
I feel like the answer of why Europe can't grow as fast as the US or China is pretty obvious, no? You have 27 different sovereign nations with different political systems and a level of distrust that prevents integration. I can't imagine why a fast growing company would try to set up shop in Europe where they have to deal with 20+ different languages and the litany of different political and regulatory circumstances when they could move to the US where capital flows easily between states and everything is integrated with a unified language and culture. And they also have the added benefit of taking advantage of the economies of Mexico and Canada as well I feel like the answer to Europe's problems would be further integration so that setting up shop in Spain isn't too different than doing so in Poland, but Europeans will never accept this greater level of integration
Companies don't settle in Europe, they born in Europe. The problem is they prefer to sack funds and pay dividends to shareholders instead of investing and becoming big global companies.
@@Kannot2023 also A LOT of capital. Amount of capital available in US is insane. US literally vacuum cleans EU talents from EU year after year making them founders of US companies. Many of the biggest AI and last 2-3 decades companies are built by a EU/post-Soviet immigrants that went to US for funding (to California mostly). Stripe is done by Irish for example. There are lots of other examples. Sometimes company gets funded in EU, but then at some point moves it's headquarters to US making EU entity a subsidiary. This should stop to happen. EU should become more of a big state with English as a common language and unified labor market. BTW, vote for EU Inc (Google it) petition, that tries to solves for that and to make investments into startups easier.
The EU, from the point of view of a small business, is still not a large market. A small company must still deal with many regional regulations, and different languages. This is why small US and Chinese companies can scale up, and have sales with more customers with the same employees. The EU needs to "flatten" the market to allow scale. I think what needs to happen is the EU creates a "port city" structure. Every EU member can designate a port city. Each port city has the same rules, the same operation of bureaucracy, same level of digitization. Any EU citizen can conduct their business in the port city, pay a flat tax, and buy and sell services to any client operating in the network of port cities, with contracts enforced on one court system. The port cities adopt a single business language (say English). By having a pan European Market with single language, rules, registration and tax level, every EU port city business has a market that is effectively larger to participate in than PRACTICALLY what you had before. The best part, you can extend the port city model to any country in the world that the EU port city system could find useful. Port cities would allow English businesses to jump back in via a port city approach. Canadian port cities could participate, Australian, New Zealand, the US, Central and South American. EU port city markets need not be listed to current national borders. Port cities could be added and expanded in size as economic grow increases. Business conducted outside the port cities can be those who desire to stay in, and service only citizens of the country in question. This can help Southern European countries not losing people to the north. Same rules, same tax, work in the port city close by.
I think thats a brilliant idea. I had a similar idea of free cities being special economic zones with less regulation, less taxes, more subsidies etc. But yours is better.
Good point. In the USA, small businesses (eg. Mail order) have closed down (though dunno if it makes an economic impact) b/c of the myriad of state tax and state regulations for shipping.
Finally an idea! The EU has been short of ideas for a long time. I say lets put it into work, alongside other ideas. It would have been ideal if entire countries were such port cities and the structure "flattened"
So your proposal is something Hansa 2.0? Interesting. But I think that at this point we should rather strive to make the EU regulation regulatory ceiling and not the floor as it is now. The issue with the single market in the EU I, as European, see, is that when EU mandates X, countries will put into their laws that they mandate X+Y making the regulation stricter. There is term for that already - gilded regulation. And there also is quite extensive report about non-tariff barriers on single market that deals exactly with this. French, Czechs, Germans, or Poles, to name a few, simply can't be able to enact any regulation that would prevent goods and services made and provided according to EU standards to be offered and sold on their markets. VAT Issues could perhaps be resolved rather quickly if the rules would be, for standard sales between businesses and private citizens, simplified that the VAT is paid in country of the sale (e.g. Belgium, even if it is shipped then to Greece), but I am not sure how it exactly works now. I would also expand your language requirements for port cities in such way, that they would have to offer governmental service in all three procedural languages of the EU (although I would swap German for Spanish) just as in local language. I think this should be possible to do at any city of more than 100 000k inhabitants.
Firstly, IT specialists get more than the typical busdriver, secondly, why is it a bad thing that even a bus driver gets an alright wage? Your comment reeks of neo-con or russia-friendly stench
These policies were great, in a era of growth and unrivalled western economic hegemony. Now europeans are forced to be competitive, before the chinease flood thier markets with cheap, efficient goods, and this time america isn't coming to save them, China doesn't pose a overt military threat you can just deter like USSR and even if it was, america is focused on isolationism. The generous EU welfare state was the product of a bygone era. But it can return in the future, as long as it doesn't stifle long term development
Sadly, the only thing that will change the stubborn European mind is shortages, poverty and freezing homes. Europe is in for a long winter. One that may last many, many years.
Unfortunately, in Western Europe we are still seen as poor and stupid. Anytime I visit there, I am mocked and bullied. It's hard to live like this in "united" Europe.
I am very happy to see both Poland and Romania growing and getting better in time. Visited both multiple times for my vacation. Greetings from Slovakia :)
@@lordwiadro83 they’re just jealous that are countries are on the rise while there’s are on the decline. Plus they are being invaded by millions of inferior 3rd worlders while we have homogenous societies
The dissolution of the EU sounds absurd. There is no alternative to the EU. It does not matter how bad the EU is doing, no EU country would do any better without the EU. In fact, I believe a lack of unity is one of the main causes. The EU is either reformed -or- _edit:_ and prospers or stagnates and declines. For the member states a dissolution would be tantamount becoming satellites of other powers (such as Russia) at worst, or, at best, becoming successful, but uninfluential microstates like Singapore: a disunited collection of independent countries amidst the sea of empires, hoping to weather the storm without rocking the boat.
Europe was better without the EU, its not about "Unity" its about whats right, and who decides. Who do you want to run your country? Someone not from your country who doesn't know nor care about your problems. Europe until the world wars, had international empires, world renown scientists, massive industries. Simply put it was competitive and people where happier. Now we're 2nd fiddle to the Americans, which take all of our scientists and engineers. We rely on Russia for fuel, and we rely on China and other 3rd world countries for industry.
The eu became the 4 rich. Way to powerful, way to far from ordinary citizens. Also, it's insane to think they could incorporate so many different nations states into 1 market. Hard reset, back to its original form.
What made Europe strong was competition between the states. EU could still be a free market and maybe a political union, to be strong in the world (a big military with projection powers would help). But to get the mojo back in the economy we have to enable more competition between states and economic models. The space industry is a good example where coordination only leads to bad results.
@@mikaelbohman6694 That could be true. However as the video itself stated, this goes against the primary goals of the union. If we had true free market and competition in the EU, then first, we would need a strong protectionist policy against non-EU economies (this is in effect, but not very strong). Second, it would cause the inequality between states to increase even more (instead of it decreasing like the EU's stated goal). This great inequality _is_ a problem in the US as well. Even with a united nationality and language, the US is torn by political polarization mainly driven by economic inequality that arises from competition. Imagine if entire countries in the EU would undergo brain drain and sidelining on the same scale as the American fly-over-states.
The question posed: Chose either fight against global warming OR the economic development of EU countries. If you chose the former you’ll get neither due to the fraction of global pollution the EU actually represents
Man I love your channel. Hour plus long videos, quality content on a regular basis, intelligent analysis and entertaining visuals. Thanks for being awesome!
Just federalize already. Stronger and standardized army, faster decision making, one unified regulatory structure, unified capital markets. Boom all problems solved
Agreed. As a Nigeria, i am baffled by Europe's weird decline and hesitance to thrive militariky, economicaly, and culturally as they used to. Heck! I am seeing news of North Korean mercenaries in Ukraine fighting and yet Europeans are just pretending like nothing is going on. Do Europeans not have armies?! Are they all jokes?!
Your eating too much propaganda, "they are in decline" is hyperbole, like, we are talking about many of that top ten economies on earth, most have good growth.
It's probably because it's referencing GDP and Irelands GDP doesn't really factor in it's real economic growth. It would be misleading to include it, although for comparisons sake i wish they added it in.
While Brexit was a huge mistake it was the Canary in the coal mine for the EU about how poorly they had been handling issues like migration and the lack of understanding people had of the function of the EU. 8 years later, I'm hearing the same rhetoric I heard from brexiteers being spoken in French, German and Italian.
The problem is that most of the things Brexiteers said turned out to be....wrong. They deeply, heavily depend on immigrants to provide cheap labor. In the EU perhaps less so, but our housing market bubble exists only because of population pressure. With declining birth rates, there won't be any way to keep housing a solid real estate investment in large areas of Europe. Once those start dropping, the entire economic foundation of wealthy countries like the Netherlands will crumble. Now, there is a solution that does work. Stop immigration only from cultures and peoples we know are deeply incompatible with European democratic values. Freedom, equality, scientific/atheist princples, LGBTQ rights (although not everyone agrees, they are not a threat for those who don't like it. At the same time I also believe we need to be conservative with how we implement how we communicate as a society about that topic, though). And increase immigration from nations and peoples that we know will integrate in a healthy way. Immigrants yes, but be simply put, much much more selective in who you (permanently) accept as your future citizens. Ukranians, Moldovans, Georgians, most Asian countries, Latin americans, quite a few African countries (excluding particularly problematic ones is needed) etc. Those people have a long history of troublefree integration in our societies, positive contributions. Immigration is needed, simple. But in the current form we are the venereal toilet drain for some of the worst religions and cultures and people on the planet. Those are ruining our societies, and that is not a price many people (rightfully) want to pay.
its not migration policies, but failure in wealth distribution thats firing up the extreme right. No one will touch the rich and their power to exploit though. So we are headed for disaster.
The UK was not part of the EU's migration agreement. The UK had an opt-out. Migration could literally not even be the issue. The UK could refuse any person they wanted.
As a Pole I could say that this is BS. We grow because we can use the EU, our governments are slightly better than others and on top of that we are ambitious. So this is the sum of all these factors. But without the EU we would probably be like Serbia at best. My fellow Poles who think that we don't need the EU, although there are not many of them, are just f@#$ dumb.
There is need for regulatory reforms, but don't get carried away with US comparisons. The US has exceptional geopolitical advantages: No nearby threats, easy access to the Pacific and Atlantic, and enormous and diverse resource wealth. No matter how well or poorly the EU adjusts its regulatory frameworks, it will never possess these advantages.
Dude, I don`t know if you`ve ever looked at the map but we Europeans have easy access to both the Atlantic and the Indian ocean. We are also way closer to a bunch of other trading partners. Russia is a frenemy that is becoming more and more dependent on China and sooner or later would have to ally with us in order to keep it`s national sovereignty despite current events.
@cowboybeboop9420 I said the pacific, not the Indian ocean. Far, far more wealth and trade volume exists in East Asian countries adjacent to the pacific than does in the countries adjacent to the Indian ocean. And a hostile relationship with Russia is not an advantage for us.
@millevenon5853 It's not false. South Korea cannot innovate away its geography. You either have resource wealth or you don't. You either have a short trip to the world oceans or you don't.
Something i think this video misses however in relation to the US and China is that, whilst the US has grown significantly GDP wise it has achieved this largely through huge increases to its Debt which may well surpass its increase in revenues from economic growth. China conversely has achieved its growth by undervalueing its currency, artificially stifling wage growth and through overinvestments into infrastructure and heavy debt at a local level. Europe has the weakest economic growth, and is struggling with its own issues such as housing, refugee and energy crises, those however are issues not entirely exclusive to Europe, and it has considerably more fiscal space than China or the US, and relatively speaking higher standards of living.
Yeah the US hasn't really had a significantly higher increase to its debt. Realistically as well, the US also actually has more financial firepower than Europe. The US bailed the EU out of 2008 and even then the union stagnated ever since. The US also is the dominant global currency. There's just more room when the currency everyone is using is controlled by the US. Even if the EU did try to use more debt, they'd just kill themselves faster as their fundamentals are simply worse having an older, weaker, and more regulated population. The EU has "better standards of living" as a consequence of making it nice currently and has now sacrificed its future in the name of that with the government driving the largest and wealthiest European economies. They're cashing out and there's no way to undo that because the problem is cultural, not technical. China is rising because there's more space to grow (even though its nominal GDP is a complete fabrication by its own admission) but Europe is already at the top and has no desire to grow. The technocrats in charge of the Union are the problem, and the large elderly population are those who are unaffected by its fall with no more skin in the game.
Europe needs immigration because it has an aging population and not enough working age people to support them, as the US probably does. Immigrants are also very entrepreneurial and hard working, they on the whole pay in more to the economy than they take out. They've always been made scapegoats when times get tough like after the 2008 Global Financial Crisis.
Although Europe doesn't seem to assimilate their newcomers all that well, probably due to ghettoized communities and limited socialization from host natives outside of the workplace. This leads to defaulting towards some off-putting old country ways in their new home, like placing faith over logic and life goals of high-status shamming over gaining pride from personal handiwork.
I question the value of raw "economic growth" as a metric for how a country is doing. GDP numbers are a useful abstraction, but that's all they are. In the short to medium term they are quite susceptible to manipulation, deliberate or otherwise. Not that the EU is exactly doing great according to more granular metrics, but neither is anyone else. The US is trying to GDP-grow its way out of some pretty bad social issues, treating The Economy as some god that promises to fix everything if they just worship it hard enough. Meanwhile China is staring down a looming demographic catastrophe caused by squeezing the working classes too hard for too long, and the only solution they've come up with is s mad scramble to try and get rich before they get too old. As such, both American and Chinese policy makers are stuck in a "growth at all cost" mindset. So it's no surprise they achieve impressive GDP growth, but is that really solving their underlying issues? For better and worse EU lawmakers have seen fit to balance economic growth against other priorities, so naturally their headline numbers turn out less impressive. In theory, politicians are supposed to serve the long term interests of the people, not The Economy!
"Something i think this video misses... the US has... huge increases to its Debt which may well surpass its increase in revenues from economic growth." Debt to GDP ratio. That shows you clear as day is the debt of economy growing faster. If you ignore the massive spike during Covid the US debt to GDP ratio has been dropping for much of modern times, and is nowhere near crisis levels like a lot of other nations have experienced..... you know, like more than half of Europe, or Japan, or *China.* "China conversely has achieved its growth by... heavy debt at a local level." I find this quite funny. America is bad because it's grown on debt, but China is doing better because it's grown on..... debt. China's debt is complicated beyond all belief, because they not only lie to us they also even lie to each other. Even using CCP sources it sits at around 150% GDP. Using more real estimates over 300%. America's debt to GDP ratio is currently sitting at 123.3%, having dropped by about 1% over the last 300 days, and is beginning to accelerate it's drop despite the massive investments (possibly because of) this year, and despite the enormous military spending that is a unique disadvantage no other nation suffers from, but doesn't seem to be holding them back meaningfully. Also, who owns the debt? In China it includes a shocking amount of external debt, meaning debt owned to people or countries outside of China. America famously is almost entirely funded by internal debt, mostly to the public. American debt can better be thought of as outstanding stock in a stock exchange, that is mostly owned by US citizens. Some foreign nations, and nationals, do also own a decent bit, because American debt is a fantastically safe investment and is available on the open market (you can go buy some right now if you like), but contrary to popular belief China does not own all that much. Japan owns more, as does Korea as of recently, ect. And as always, note the rates. Over the last 20 years American public debt (debt owed to American citizens) has grown by around 200% in absolute value, while debt owned to foreigners and other nations has only grown by 36%. It seems the overwhelming majority of people investing in America, are American's. This also means the rents that are paid out to the stockholders overwhelmingly goes into American's pockets. This may contribute to the nations income inequality (the poor tend to not own treasury bonds), but very little of that money is going out of the nation. So to recap, America is increasing it's economic size and scale by creating debt.... that it owes primarily to US citizens (more than 88%), and will over time pay back to US citizens, as it continues to create more debt and grow the productive economy more, ect. This is a bad thing you say? Compare this to Europe, which builds radically less debt.... but builds no revenue streams to pay it (look at you Greece.... and Italy, and Spain, and...), and so basically bankrupts and vastly lower debt levels. China can survive on 300% debt to GDP, Japan famously managed to stay afloat at *800% debt to GDP for decades,* and America is happily huming along at a currently slowly declining 123%. Greece was thrown into a crisis it has still not recovered from at a ratio of just 108%. One of the best ever business quotes in all of human history: "you should be terrified of small incomes, not large expenses." If you are making huge amounts of money, but have massive debt and/or massive losses, you can always re-finance or re-organize your company (or nation) in order to balance things out. If you are making little money there is literally nothing that can be done aside from just cutting literally all spending.... and good luck surviving and building anything with a hard zero investment.
China is a centrally planned economy with free market characteristics. The US is a large, single country. The EU is neither, so even though the EU has a comparable economy size on paper, that economy simply cannot be focused into investments in the same way. In order to do that, the EU would have to be a true single market, like a country, as well.
The EU is reducing overall bureaucracy and bureaucratic hurdles by unifying regulations between all constituent member countries. But it isn't working fast enough, and investments have to be unified in the same way.
US can let the whole regions (like rust belt) stagnate and rot, China can treat one region as a reservoir of slave labour and sent tanks to protests. EU can’t do neither and that’s good.
Single market means that some regions will loose big time compensated by opportunity to migrate to others. But EU countries are not US states there are significant cultural, language and historical barriers.
Thx for this video! Reforms and industrialization is exactly what the EU needs to stay competitive and ensure long-term prosperity. ASAP! Great analysis 😉
For exemple, besides housing properties, how many countries in the EU have invested successfully to put an end to children poverty? Ratios in Spain have not been reduced significantly, whereas political parties membership take over everything and plagiarise sistematically their annulled compatriots.
Only looking ad GDP is not enough. the GDP/debt ratio in the USA is really concerning and should not be overlooked to be honest. Europe: 2000: 62.3% 2007: 62.3% (record low) 2021: 91.6% (all-time high) 2024: 81.7% (most recent) USA: 2000: 33.27% 2007: 55.66% (record low) 2021: 118.89% (all-time high) 2024: 120.04% (most recent)
EU doesn't print money, it has actual positive trade balance for decades, while USA is using it's dollar card over and over printing billions to cover trade deficit. EU is not perfect at all, but US is basically a fake country which keeps it's economy afloat by political and military means (which allows them to print money in the first place) instead of actual economic efficiency.
@@Mendogology The debt to gdp ratio is how large the national debt is compared to the economy. So while the relative level of debt is growing on both continents, the US is growing dangerously fast.
@@Mendogology I'm not an expert but often GDP to debt ratio is used to indicate fiscal responsibility of a country or it's ability to repay it's debt. Also it can indicate where the money for economic growth is coming from ie injecting money into the economy through loans/credit. Some countries which were under threat of defaulting on their debt (which is really bad and could be catastrophic for the countries economy) during last few recessions had huge debt to gdp ratio, for example Italy, Greece, Ireland, Portugal and Spain had the ratio over 100% in the 2010s. Meaning the debt of those countries was higher than value of all of the goods and services generated in that country for the fiscal year.
The inclusion of ‘green slogans’ in what is supposed to be a growth plan proves how unserious the European establishment is. They could get their growth if they didn’t have to work with the Greens. The EU will always lose to other countries that take a realpolitik view and prioritize their own growth rather than the environment. With things like the Paris Accords, China and India try to get as many environmental concessions as possible, while the EU tried to give up as much as possible. The establishment have a cordon sanitare against the right based off the 20th century political orthodoxy that boomers were raised with. This establishment is being rejected, especially by young people, see the recent German elections, but will that rejection be too late to make the EU competitive again?
@@AL-lh2ht Problem is that while the energy itself is available freely, harnessing and using it is anything but cheap, renewals are extremely unreliable (with the exception of hydro and geothermal), to make them reliable would requite an impossible amount of battery capacity and immense areas of land, land which will become unusable. If Europe is serious about economic development and CO2 reductions the only viable path is Nuclear Fission, which the EU is proud to under-invest (more likely de-invest) in.
What nonsense. One of the largest up and coming industrial sectors IS the green economy. Solar cells (we handed leadership on that to China), wind farms (China is leaving us behind), batteries (we're lagging behind the US and China), electric vehicles (even though a large share of our economy is automobiles, the biggest companies are absolute dinosaurs who refused to get their move on, so we're losing to Tesla and to China here, too). You can add chips to that and all sorts of other things. As the video mentions, we already lost software to the US a long time ago. The sustainable energy economy is the next big thing, and we're messing that up too. And you're even cheering for us to abandon it harder, lmao.
@@Yutani_Crayven The so called sustainable or green energy is a forcibly created market, that has been over-invested in for decades at this point. Like any market, throw enough resources at it and it will develop, if it will be as efficient or effective as it's competing technologies though is anyone's guess. There's a reason this market (green energy) is more developed in China vs the EU or the US, it's a very resources intensive market that requires huge amounts of raw materials and intermediate goods, that have to come from other industries. As it stands both the EU and the US are basically de-industrialized in any basic and intermediate goods production, this means that production of goods upper in the value-chain is logistically harder and more expensive (EVs are a good example here, many, if not most, of the intermediate goods are imported probably from China). As such it's much more likely that industries, not related to software (which by it's nature requires little physical goods input), will be developed in China where the economic conditions for development and growth of such industries is more favorable. The US seems to understand this, therein this new push to re-shore and re-industrialize that we've been hearing about recently. In comparison the EU seems to want to put the cart before the horses, focusing only on the end of the value-chain, while ignoring where all the inputs for such high tech industries will come from, and at what cost.
15:22 On that map did they mean to highlight Nashville, Tennessee instead of Nashville, Kansas? Couldn't help but notice it's only state capitals and major cities. Maybe it's where companies are headquartered?
So, you start the video saying that the EU has had a very bad performance in terms of growth since the 2008 economic crisis, a direct result of the EU policies enacted by Mario Draghi. And YET, we decide to give the keys of the new process of economic growth to the same man who was responsible for the response to the 2008 crisis??? I understand that EU's poor performance is due to the fact that US and China are not playing by the WTO rules anymore, but then again, Draghi was (and still is) the main and most respected voice on Euro economy; so, I hold him responsible for the poor performance and I am a bit surprised how he is still treated as the greatest man in the Union... He literally was at the helm and taking all the decisions for all of these years of economic backwardness, brain drain, de-industrialisation, BREXIT, ... We should find younger faces and politicians in order to signal a new and genuinely progressive turn in the way we look at the EU. As long as we rely on the older politicians and technocrats who are directly responsible for the present situation, the voters will not believe in this project.
Don't expect progress from an oversized overcentralized bueraucratic entity. Instead, expect arbitrary laws, power games, inefficiency and opacity. Who is more innovative? Small startups or large corporates?
@@spambot_gpt7 Depends on the company. Some large companies are hugely innovative and have the ressources to pursue extensive R&D. AT&T and Sony would come to mind as prominent historical examples.
What the hell are you talking about??? Draghi was in charge of monetary policy, where he did a great job saving the eurozone from disintegrating. You can't pin slow economies and political decision in him. Some of those decisions were not even done on EU level, they were done on national level. What the hell is wrong with you, oversimplifying everything so you can have a scapegoat to point the finger at and scream "he's the bad guy! His fault! His fault!"
Not really. It was a few years after 2008 before Draghi tookover (2011, iirc). The EU Central Bank did not act like a federal central bank until Draghi. In fact, the ECB basically did nothing and was powerless for those 2-3 years before Draghi. The EU had a liquidity crisis for those years between 2008-11, which led to a sovereign debt crisis, especially among those countries which tightened fiscal policy (austerity). The reason why is because with the curtailed spending, GDP stagnated or even in cases of those who adopted strong austerity GDP fell, which meant debt/GDP ratios worsened. So paradoxically the cut in spending made the debt situation worse. What Draghi did was basically copy what the US Fed did right after the crisis and increased the volume of money, thus leading to the banks lending again, thus stimulating the economy again over time. Yes, it added debt as well. But for some countries in the block, it was too little too late, because that was needed in 2008-9 and it didnt happen until 2011. So it's a mixed bag. If the ECB President, some French guy iirc, at the time had acted as the US Fed did, it would have been a completely story, and perhaps a different outcome for that decade between the 08 financial crisis and covid.
The anti-GMO sentiment in many EU countries like Germany and Austria immediately comes to mind. Like the Omnibus story that has been driven and sponsored by the organic and farmer lobbies that wanted to protect themselves from having to compete. And so the EU lost that train also...
Look at Germany. How many of its major companies are old enough to have had a swa-sticker in their logo at some point? They are suffering too, but their lobbyists are accomplices. Since the war, there was little innovation, just a slow decline. The biggest will for change is towards degrowth & sustainability. That means lower and lower standards of living.
Some Eastern Europeans want to introduce and bring GMOs and all the filth to Europe, just to increase the GDP? And others just to please and serve their master the USA? I much prefer to live poor and eat clean products than to eat plastic and GMOs. Following the Americans blindly is not our goal. If other Europeans want to live the American way, they should just leave the EU and join the USA. The Poles are really traitors.
France is leading the anti-GMO movement in the EU. After losing the start, they steered the EU into protectionism and the ban instead of research and investment. And the eco-know-nothing masses follow them.
2:30 the economic growth looks big in eastern countries and poland. However remember collapse of soviet union only just happened in 1990. You can grow a lot if you come from far down.
The quality of life is not that different anymore. There are even hints of Eastward migration, at least re-immigration. Eastern countries had a kick-start and were able to build a lot of industry, information & infrastructure from scratch. The start was harsh and painful to say the least, but now it pays off. For example, my country now produces more than two thirds of it's energy using renewables and is still very competitive. There's way more optimism here than in the West.
The attitude to this, especially in the U.K. is “it’s going to get worse and nothing can be done”. The defeatist attitude of the average European is sickening to me.
But I remember everyone here in America saying how it was so great over there how you guys got free healthcare and all that stuff I thought it was going well
The Block must close its fist and deal with their aggressive neighbor to the East, before anything else. If they can't agree on how to mutually defend themselves then how will they ever cooperate economically?
what the block must do is forget about everything that is not on the block External wars, global warming, sanctions are some of what is holding us back
Regardless of their problems, it's a real achievement that such different countries with different languages and cultures can unite as they have. You don't see that in Asia or anywhere else.
I'd say India keeping it together so far is remarkable even thou the history of its formation was quite messy. They also have tons of different languages and some of them are not even in the same family of languages (Indo-Aryans and Dravidians vs Indo-European and Uralic and Basque). They also suffer for bureaucratic problems like EU which plagues their economic growth although very different ones. Still EU is indeed an achievement.
It's basically same culture if you took 10 young European adults speaking good english and asked them some questions for few hours you probably wouldn't guess their nationality, only accent would give you some clue.
We didn’t unite, as a Portuguese in Germany there’s I don’t have more rights than a non-EU citizen other than not needing a Visa, which has been that way since before the EU was founded.
A bunch of states, around 50, uniting you say? Wow, I've never seen so many states unite before? ........................Oh right, the United States did that, and apparently a lot better to. It is both more united and has more states!
@@ASDeckard comparing the US and Europe Ie literally most us states are anglo Germanic ethnically and Welsh Scottish in the South Now try uniting a fin and a greek culturaly It's not happening
Quality of life matters. Not everyone values giving their life to a company's stock price. A balance can be reached and on balance, European countries are closer to right than the US. There's so much more to life than economic dominance.
@@skeeterhoney but that's why it is falling apart. You can't impose one set of standards on 30+ separate states, with separate cultures no less. Whether you agree with the principals doesn't matter because the application is failing.
anyway, no one will read this, but the answers to last question in the film are obivious 1) EI is a bureaucracy, and USA and China is capitalist free(er) market. free market always wins in that competition 2) bureacrats incentive is to keep their jobs - make MORE bureaucracy, more commissions, more paperwork. USA and China business leaders want to keep their jobs - innovate, keep up with competiors or economically perish. 3) and lastly, EU is old. OOOOOOOOLD. old people have 1 thing the most - CHANGE. any change. change for the better - old people hate it. This is a win-win (for USA and China) combination - bureaucrats trying to satisfy old people. 4) China has gov who pumps money into innovation. USA has blackrock and many other private investors who pump money into innovation, and USA also has gov which does so too. EU has..... nothing. 500 million for aleph alpha whatever german AI joke is the limit of its powers of finance. and it is not real anyway - that money will probably not materialize. eh, no one will read this anyway
Look no further than Germany itself, they'd rather sink than innovate, they can't even get rid of paper, 70% and more of their businesses still use fax! "The bureaucracy is expanding to meet the needs of the expanding bureaucracy."
Britain did have a revolver in the 1850s, the Adams revolver which was adopted by the British army and was highly regarded because it had a larger calibre than the colt and had more stopping power in colonial wars.
The fatal flaw of the EU and the Eurozone specifically is that the European Central Bank does not automatically backstop all EU Member State sovereign debt. This is why the US has zero risks with pumping large amounts of created money into its economy through massive deficit spending each year.
The EU today, with all its bureaucrats, unelected officials, platitudes, fuzzy warm goals, equality for all, wellfare state, long workers vacations, shortening of the work week etc., looks very much like the Yugoslavia in the 80s. It would be wise to analyse for the possibility of war if the EU disintegrates.
Though all of this hinges on, well, what metric matters? People compare the EU to the US and China, but both of those countries are seeing increasing wealth gaps and decreases in quality of life. .. meaning yes, their big numbers went up, and that made their rich people happy, but thing have not been going well for the middle and lower class. Proponents of making the EU more US/China like picture themselves as 'I would be rich if I were in the US/China, but not in the EU!' when really, if you are not already among the wealthy in the EU now, you would likely not benefit from this kind of growth.
@@Shmimbleton I wish the Chinese the best but with more people in deep poverty than some countries have people they have very, very long way to get all of their population to a Western living standard.
I'm from USA and I wish I could live in a well regulated place like EU. I grew up in a neighborhood with a worse quality of life index than almost all of Sub-Saharan africa. And the rich are becoming less in number but more in insane wealth.
@@naydennaydev7071 Wenn VW jetzt Werke reduziert, muss es "sozialverträglich" kündigen. Das heißt, dass VW produktive Arbeiter bevorzugt raus werfen muss, und unproduktive, die anderswo keine Jobs finden würden, behalten muss. Was denkst du ist der Effekt davon?
@@FemboyLegendGD the easiest way to see this is through the counterexample in the Nordic countries like Denmark. They also believe in much greater safety net and gov. Support. But they work directly with citizens, making it very easy to fire people, but providing enough benefits that it’s not a big deal. (Vs using companies to continue the people, which ties up labor and resources in unproductive companie, vs letting things that fail fail and letting those people and that capital go to work more productively. As a result in Denmark 1) companies can expand very rapidly without fear that it will be hard to downsize in hard times. 2) it’s spurred a wave of US style startups - because job security is both less guaranteed and less important, young people take risks and innovate, knowing it will be ok if things don’t go their way.
Please, could you fix the location of Nashville on your map? It is shown as being by Witchita lol. It's been in that spot for the last several videos. It deeply disturbs my OCD
This video does one huge mistake, and that is to trust Chinese GDP figures which are about as reliable as their claimed death rates connected to the pandemic. Chinas economy is incredibly inflated and will come tumbling down shorty. Mark my words.
The People's Republic of China is the hub of production, the United States of America is the hub of innovation, and the European Union is the hub of regulation. It is obviously true that regulation is important for consumers, but regulation alone cannot guarantee strong economic growth. Europe must innovate and produce like the Americans and Chinese, do. Furthermore, the EU has the ability to easily go toe to toe with the USA and PRC, but it must federalize. And unfortunately I do not see that happening so long as there are European leaders like Orban and Melloni.
The EU model was only ever going to work in a world that never materialized, a world where war truly ended and where demographics didnt exist. For better or worse, a Federal Europe is as much a fantasy as a UN Army always was.
Channels like these love to talk about EU as if it is some irreversible mess. We also simply had some back luck lately, namely our big friend to the east who decided to be an attacker. But talking as if EU is about to implode is a fun topic and it generates loads of clicks for smaller channels like these.
From the U.S., I see our relative success due to being ruled by elected leaders rather than "intelligentsia" (bureaucrats). Populism is not a dirty word here, so we do not allow our leaders to hobble us with costly environmental, diversity, technologic, or similar regulations. Taxes are lower due to an anti-socialist zeitgeist, a long history of self-reliance and individualism, and a stronger work ethic than some Western European nations. Honestly, if the EU could just stick to managing the Euro and Shengen (without requiring accepting so many migrants), perhaps your economy would do better relative to us.
But you cant R&D / Invent something and immediately sell it to US, bcs EU is stupid enough to let it go, set laws against or do anything can do to do harm to companies not involved to paying somebody campains ...
a) Maybe we are not meant to grow forever. b) maybe economic growth is not always good c) maybe economic growth is « balanced » by positive actions that benefit people (I.e high regulation over robots, higher regulation on food industry, protection of the environment and human rights)
How to fix it: pay your engineer similar or even higher than US salary. How to? Less regulations, employment at will. The US has proved their system works and ours doesnt. Regardless, Im leaving the EU for the US anyway, I am applying for masters degree there and intend to immigrate and never come back unless I get to actually make money.
LMAO, why even give advice in the first place Every Hilly Billy who achieves more than a bit just moves to the US Maybe there they will talk and praise the EU for whatever reason
Patent laws are far more restrictive in Europe than in other parts of the world. This can easily explain in part the lack of applications in the EPO compared to other parts of the world.
Fair enough, another good episode but Emmanuelle is a bit of an idiot. (An idiot for the rich French people that wanted to get him into power to reform the Labour market and help them get more competitiveness out of their workforces). I wouldn’t let him run a bath. He‘d tell me that bathing is coming to an end and only he can prevent this through a summit on bathing in Versailles or something.
@@likeAG6likeAG6 I disagree with that, I would say Europe has been dying since 1914. It used to be the center of the world but started falling aside with WW1, and from there only got worse
@@JBarG22 You could've said the same about Germany before 1930th or Russia after 1917, however in just 10-20 years they have created strongest armies in the world. There are hundreds of examples like that during whole European history, the thing is that Europe is full of both very intelligent and very strong willed people who were very successful during the course of the whole history for that reason, there is no problem that cannot be solved here by a strong centralized government. I totally agree that regime of current elites will collapse eventually, but that's not what Europe is.
Please be aware the U.S. economy is not growing as fast as you think. They are adding 3 to 5 trillion a year through debt creation, giving a false sense of growth. They have also benefited from the increase in supply of energy to Europe.
I’m not against savings, but they aren’t good for economic activity. Capitalism is about the motion of money. Having the confidence to spend, make some money, lose some money, and keep spending again. Saving is great when you are one of the few actually saving money. But it’s horrible for the economy when a high savings rate becomes widespread in a population. I would say, work hard, pay others for their hard work, invest, and maintain confidence in the face of adversity. (And save enough to weather a storm or two)
there is and it is way more useful for society capitalism has destroyed birthrate, which caused all other kinds of problems remember, the biological definition of success is population growth, GDP doesn't matter for mother nature
capitalism literraly put everyone in this situation and make WW2 possible. He destroy birthrate and the planet. Saving ? How the Country will take it or lose all his value. Hard work ? All rich class allready told everyone this while they do less but we want the lower class to do more for save the more rich again like 2008 crisis...
Yes, but we don't have capitalism, it's a shitty hybrid of socialism with the minimum amount of freedom to make it work. I would love to see the EU adopt an Austrian economic model, that would be something truly revolutionary, but it would mean that all the politicians and bureaucrats have to renounce a lot of their power and influence.
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All of this is, as a Brit, is very true. I am retired but if I was younger, I would be planning my emigration to the US. Hopefully they would let me in.
Russia absolutely will attack Eastern and Central European countries, Poland, Finland, the Baltic States, Denmark and Sweden are very much aware of that. Russian state officials, propagandists and geostrategic experts such as Karaganov threatened Central-Eastern Europe with war multiple times before. Even in this very moment Russia wages a hybrid war against Poland, Finland and the Baltic States by artificially creating migration crisis on the Russian and Belarusian borders with EU. Belarusian and Russian secret services are litterally transporting inmates from Syrian prisons into Belarus, training them, arming them and transporting them to the Polish and Lithuanian borders. Those countries litteraly are a wall protecting Europe from yet another wave of illegal and uncontrolled migration. Russia already wages a war against us
The Union will not die. for no one thinks it will be progress, do not forget, first, we lost GB then Russia started a war both are hard but made all understand we are stronger together.
This is the fault of germany for trusting russia and china. If germany becomes a net taker in eu vs a net contributor that's definitely the end of the eu.
@@FoxtrotYouniform This is the fault of germany for trusting russia and china. If germany becomes a net taker in eu vs a net contributor that's definitely the end of the eu.
EU doesn't have the temerity to actually even support Ukraine. Merkel courted Putin and unilaterally called refugees from the Middle East to come to Europe. The Union looks weak.
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An Industrial Revolution in energy production would help enormously with global decarbonization, and would have the added effect of increasing prosperity. Recent strategic US investments should boost innovation, and I would expect something similar in the EU, so long term we are all going to be just fine. The proximate challenge is maintaining political stability in the midst of the Second Cold War.
21:05 Europe seems to be completely defenseless. (quick jump away from topic)
Are you sure about that, I mean have you actually checked.
How about a video on that. Maybe the comments can help.
Real growth from investments in China are vastly lower than expected or reported by some. Especially when you include losses from copycat industries and immobile currency, both factors supported by the government of China. A recent report put the annualized real average growth for foreign direct investment in China at a pathetic 1%. This is why large investors in the USA have been fleeing China for other markets, even before the tariffs increased.
@@stupidburp
Good point.
Widespread corruption probably has a sizable impact on real GDP. Trying to operate a business in a hostile environment of threats, disinformation, and political instability due to extreme CCP incompetence adds a lot of unnecessary risk.
‘…many outside organizations have tried to use various methodologies to determine what the actual size and growth rate of the Middle Kingdom’s economy might be. One group of economists used multiple factors and found China’s GDP to be roughly 20% smaller than advertised. Carnegie scholar Michael Pettis has stated that if the mountains of bad debt within the Chinese economy were treated as they would be in “any other country,” overall GDP growth would be half of what is normally reported. One remarkable study by Luis Martinez of the University of Chicago used satellite data of ground light produced at night across a wide variety of countries to conclude that the entire Chinese economy amounted to less than half of the official figure.’
www.salon.com/2023/10/22/so-understands-the-chinese-economy-definitely-not-china/
Particularly interesting:
‘Gross Domestic Product, GDP, is the most widely used measure of economic activity and one that is very attractive for governments to manipulate. Although the incentive to overstate economic growth is shared by governments of all kinds, the checks and balances present in strong democracies plausibly help to prevent this behavior. In contrast, these checks and balances are largely absent from autocracies. The execution of the civil servants in charge of the 1937 population census of the USSR due to its unsatisfactory findings serves as an extreme example, but a more recent instance involves Chinese premier Li Keqiang’s alleged admission of the unreliability of the country’s official GDP estimates.’
bfi.uchicago.edu/insight/research-summary/how-much-should-we-trust-the-dictators-gdp-growth-estimates/
The anti competitive nature of the EU is a combination of French thinking and German neurotic central planning. People are inherently unequal, and no amount of propping some people up will solve that, so to achieve equality, they cut the exceptional people down, french socialism. Every centrally planned economy that extends beyond a single city has failed economically, due to being unable to pivot with the times, but Germany who spent nearly 1000 years as warring city states have this encoded into their genetic selection, and are unable to shake it even when central planning actively and visibly hurts them on a national level, but they're so neurotic that they extend it to the international EU.
Lobotomize these two factors, and the EU can be saved. Fail, and the only hope will be the new crusade that will occur in 50 to 200 years.
The EU has a committee that has called for a conference where more committees will discuss plans to look at this issue.
And the issue will be approached by creating new comittees that will do nothing but swallow more money stolen to the common people through taxes.
That's the idea, I'm sure.
💯 We need meritocracy not bureaucracy. Small government not big.
@@rannickcauthon1821 you're on the wrong continent
@@quietus13 No, he's in the continent that needs him most.
I love how Scholz is not mentioned even once in the whole video 😂 maybe a testament to his "leadership"?
What leadership? Sholtz and leadership should not be used in the same sentence, unless it's preceded by "lack of"
His term was doomed from the start. The coalition with the FDP made significant progress difficult, if not impossible. The war in Ukraine and the resulting drastic changes consumed many resources. While he is a capable politician, extraordinary times demand exceptional leaders. And he just isn't an exceptional leader.
I would only blame him for his shortsightedness and not looking after his own countrymen. Germany was no way in shape to be dragged into a conflict. The Chinese economy is slowing down which German industry was very much dependant one because of exports and supporting Ukraine also effected cheap energy which increased the cost of production.
What Germans should have done if they wanted to stand one the same camp as US to diversity it's industry, export market and energy sources.
The blind support of US without looking inwards crashed German economy.
@@rickbhattacharya2334 What dragged Germany into this conflict is reliance on Russian natural gas that was built by decades of administrations before him. That is not his doing. If Ukraine is left unable to fend off the Russian invasion, global nuclear non-proliferation will be dead, and international order with it. That's really bad news.
His Zeitenwende was just a slogan paying the lip service to the moment. has later not translated into anything actually meaningful. Germany is not leading
No need to worry, there is no plan and no one intends to fix any of these problems.
100%
germany still votes for CDU
ursla von der leyel is still undemocraticaly elected
EU still wants slavery by letting in illegals
EU will see UKefication
from BEST COUNTRY
to a shi hole
A problem might be it's own solution! ^_^
Germany is the powerhouse of EU, and their birth rate fell below replacement in 1971, and never recovered. For 53 years their population has been ageing, yet no one seems to have a plan for what comes after the German boomers retire.
Germany is supposedly the powerhouse of EU, and their birth rate fell below replacement levels back in 1971, and never recovered. For 53 years their population has been rapidly aging, and it amazes me that nobody has a plan for what happens after the German boomers retire.
Germany is supposedly the powerhouse of EU, and their birth rate has fallen below replacement back in 1971. For 53 years, their population has been rapidly ageing and it amazes me that no one has a plan for what happens after the German boomers retire.
Reports about how messed up the EU is have been made for 20 years but we still haven't implemented the reforms we need.
what do you mean, they have completely destroyed their nuclear capacity, what a great victory for people
Can blame former polish government, orban and other nationalist groups that constantly sabotage and roadblock the EU.
Stop relying on a government to fix your problems. What we need it then to get out of our way. The only job they should be doing is keeping foreign countries from invading. (Military or migrations)
The purpose of a system is what it does. Don't forget that.
@@FarsightAE I hope your neighbourhood is flooded by arab and african migrants. Taste of your own medicine.
A colleague summed up the last 20 years of economics perfectly: 'the US innovates, China imitates, and and the EU regulates. '
This is the fault of germany for trusting russia and china.
If germany becomes a net taker in eu vs a net contributor that's definitely the end of the eu.
A bit more complex.
Because the european purchasing power was strong, the EU could influence ("regulate") the world market.
The logic was well behind.
But China noticed this and therefore deliberately capitalised a part of it's population and the EU just lost it's strategical advantage with that.
the stupidity of your statement is largely untrue - the US has never innovated anywhere in the past 10 years - almost all patents are held by China (which is again a governing body that is held by the US law of patents.) Even if you "make" cleaning chemicals it is small scale, not the actual raw material maker - which is basically 95% imported from China globally.
@@worldview2888 LOL what about spacex? of the chip design is vast majority in the US.
@@worldview2888 Read "What Do China’s High Patent Numbers Really Mean?" by Alex He shows that 90% of chinese patents are trash he goes to further detail that they are abandoned. So yes it's so chinese to bombard everything with quantity but not quality.
It's a good talking point though.
The EU disintegrating would imply an energetic event. Impossible to have energy in the EU. I'm afraid stagnation is the outcome.
Touche
That is what the EU deserves. The EU itself turned against Russia and doubled down on its chauvinism by promoting extremism in Ukraine and other places. Haha karma is a b1tch!
EU disintegration just leads to a collection of individual countries.
... and this leads to complex trade barriers, different currencies and tax/import/export regimes. Damaging trade, increasing consumer cost.
What happens next is obvious.
Agreements are made to simplify trade between neighbors. These agreements increase.
And you get a new EU by a different name.
Thus eurosceptics are fighting nature, it is eurosceptics who must justify 6 different customs agencies, border taxes, and multiple currencies, for when someone wants to trade between Denmark and Portugal.
Eurosceptics need to find a better system than the EU single market, until then they're wasting their time.
@@tedcrilly46 It's actually the opposite, big empires tend to break apart. The EU behaving more and more like an empire is what will be its undoing. Had it remained an economic zone it would be fine, but when it became all about a central government controlling its member countries it's obvious that some of those countries would start to get upset at their lack of sovereignty. This is why brexit happened, and why other countries might do the same.
If the EU wants to survive it needs to show that it's not here to control, but to bring wealth. Overregulating does the opposite.
@@hugoguerreiro1078 Ok then it breaks apart.
And what happens next?
(a) small individual nations remain economically individualistic. Borders, quotas, individual laws and regulations.
(b) they harmonize into EU 2.0.
You tell me.
Maybe theres even a third option.
Go ahead.
When I was in my early twenties I had a business idea. But when I spent hours upon hours reading on the regulations and required inspecyions and certifications, I sighed and scrapped all my plans. Instead I moved to the countryside to a cheap house, work a normal dayjob and build a subsistency farm for myself... If the government doesn't want me making a business, I might as well get as disconnected from the economy as possible. Screw them.
Very entrepreneurial... I also had an idea and actually made it work. I am from the Netherlands and perhaps in your country regulations are different. But if a bit of regulation is making you to skip the plan just perhaps you weren't the best startup material to start with. With all due respect to your choice.
I worked for a natural gas utility in Seattle. When it looked like the utility was going to do layoffs, about 1/3 of skilled tradesman started their own businesses as contractors .contractors.
I found that easy to do, myself.
@@pierman4858 The problem is that it's not "a bit" of regulation. It's a massive amount of regulation. Most European countries are overly regulated to the point where it chokes out new ideas and businesses.
@@SeattlePioneer yeah, America is much different than europe with this. one of America's greatest strengths compared to europe especially and even some other countries in the world(like corrupt countries) is the ease of starting buisness in USA.
Don't get me wrong, I'm American too, so i KNOW we have our fair share of "Red tape" when it comes to buisness regulations and a lot of stupid regulations that hurt us.......BUT:
Europe is on a whole other level than the USA, especially places like Germany. Even with the small amount of researched I've done and opinions from Germans ive heard, the regulation on buisness there is ABSOLUTELY INSANE!!! Its not just some "Red Tape", it is a whole maze with the end barred & chained.
Seriously though. Europe could be so much better off with some deregulation in specific areas. I think it has gotten to the point that some of the regulations are hurting buisness more than they are helping!
I could be wrong though, as I'm American and don't know what its really like to run a buisness in Europe, but from what little I know, it can make America look like a cakewalk!
You were wise, I wasted years and ultimately getting crushed by regulations. I’m moving to the US as business is virtually impossible in the UK and Europe, at least if you have a little ambition.
R&D spending is an interesting data point you should talk about. US has almost as much R&D spending as the rest of the world combined. Even if the EU reformed tomorrow, it would take massive cultural shifts to actually get on an upward trajectory. You can't solve a problem with the same people and thinking that caused said problem.
The R&D spending is only possible by making health care very expensive in the USA. It's a luxury that most people go into debt over medical bills. The way things are going in the USA aren't sustainable.
Not all R&D spending is justified. The world needs significant innovations (such that result in lowering of cost of living) in order to prevent middle classes from downsizing, and the influx of significant innovations has been falling for decades already. It is precisely significant innovations that allowed formation of wide (!) middle classes in the developed countries that started in the second half of 19th century and continued in 20th century. And increased influx of significant innovations was the result of fundamental scientific discoveries made in the second half of 19th century and in the first half of 20th century. Presently the potential of old fundamental discoveries is mostly depleted and there are no new fundamental discoveries
@@goshawk4340 R&D has nothing to do with healthcare. I don’t understand how you got there. Most R&D is done by private companies that have nothing to do with healthcare. And even the federal budget for R&D is a fraction of three United States spends on healthcare because the economy is so large it can do a lot of things.
In % of GDP european countries spend even more than US.
The problem is the companies.
European companies investment in R&D is laughable.
It all goes to the shareholders.
That is the root cause of all out problems.
Companies don't Invest, they don't pay good wages, they just give the money to the owner.
And consumption is shrinking and companies are becoming irrelevant because they don't Invest.
Greed is killing the chicken!
@@tiagogomes3807 I don’t think Europe spends more as % of gdp on R&D than the US or China.
I think where the money goes is probably true tho
As small business owner of an AI lab i paid more into welfare and insurances last year than i earned myself. As a thank you the commission slapped regulation on our industry, before the tech had a chance to prove market fit.
What most people in the EU dont realise is that we are the adults and once innertia of innovation runs out, there will be noone to pay for all these welfare benefits - and they will evaporate, no matter how much we cry and act up.
You need to leave!
Regulation was a big reason my father sold his company… there is too much red tape
Why didn't you move the company to US from the start? In year 2024 whether one moves their artificial intelligence company away from EU, is a litmus test, whether that company possesses any organic intelligence whatsoever.
@@MrJustCallMeJames part of it was being naive, part being physically located in Europe already. This all started as robotics project in my garage - i didnt think it would be easy at all, but not for the dumb reasons like preventive regulation
@@4LXK Well I hope it works out.
Wow, the same group of people who have spent 20+ years to get us into this situation about to be voted out now claim to be the only ones who can get us out of this situation ...
A real vote for me or the end of our nation politician ... so charismatic
At this time I'm so happy that my nation is not in the EU. I believe that it's better for my country to have nothing to do with the EU and to stop dealing with the EU and start dealing with the nations of the EU.
Well no: The answer is REALLY simple: cut off abortions/birth control: Problem fixed in ~3 decades
@@oligultonnThe eu having problems doesnt mean that every single other country isnt having more problems and still reliant on the eu
But really, outside of papers and empty numbers on screen.
Do you really belive that living standards in EU are so much worse comparing to USA or China? RLLY?
@@oligultonn nah, i d love to live and work in EU, live in a third world country is suck, especially in a communist nation
As a Croat I truly wish the EU finds the strength, wisdom and leadership to reform before it is too late. During my lifetime I already witnessed one multinational political union fail, (it lead to a decade of war!) I don't want to see another.
As a Dutch i hope the same.
The EU system is not designed to produce strength, wisdom and leadership. It spawns bureaucrats and ensures union-wide equality and welfare. In that way the EU today looks a lot like Yugoslavia in the 80s. It would be wise to analyse for the possibility of war if the EU disintegrates.
I think its already too late in many ways. Its the curse of european old empires. They still look after their own assets and industries first.
25% VAT plus all the paperwork for everything slows things down 🇭🇷
Dude inject this content into my veins. Best geopolitics channel on TH-cam
really . They are as dumb as a pile of ==== . See my post .
I usually just snort the crystallised geopolitical content. That way, it passes the blood brain barrier quicker 😂
@@superresistant0 what is the copium - EU has problems it has to fix - the problem forty years ago was rebuilding and making the EU an actual thing. They've done both of those and now they need to make the EU competitive. Its straightforward
@@Ifraneljadida he propably means that geopolitics content is best copium
Issue with EU is
- too much regulations
- too much emphasize on Green policies
- Less innovation and investment
- hostile twords small startups thanks to over regulations
- demographic crisis and influx of incompatible unskilled people
You forgot unaccountable bureaucrats and politicians.
Leftism.
Issue with EU are all EU people
High taxes that stops innovation
@@alberain Leftism, communism/marxism, 1984, globalism.
It is saddening to me that fellow Europeans refuse to engage in discussion about our economy, because they believe that European governments can somehow keep them alive with welfare. That is not how an economy works. We already have gigantic problems with pensions. Why should that not continue to go the wrong way if we do not turn around? Beggars can't be choosers.
I think most people know that making the EU competitive again will involve a reduction in the benefits they currently enjoy. For instance, laws around labor protection make company restructuring extremely expensive and/or impractical for European companies.
In all likelihood, the scale and radicalism of reform would require an unreasonably disciplined electorate to genuinely implement. Thus, reform will only come once there is no alternative, at which point the EU will be even further behind with even fewer resources to solve the problem.
welfare is close to zero in Eastern EU
@@DerDop yeah, the part of the EU that’s growing
If you believe more capitalism and corporatism will save Europe, you're dead wrong. It'll only make things worse.
@@IsaacKripke
It's growing because their GDP per capita is already worse than western EU
This is so weird cause back in my neck of the woods in Baltics everything been going ok, our biggest driver of economy are our IT and small electronics and machine parts manufacturing. We have a thriving culture of startups and entrepreneurship as well as no real debt or welfare state, the population been growing for the past 20 years. Yet we are simply too small to affect the policy in the union on a large scale.
I am from the Netherlands and would are doing pretty good here too. But EU taken as a whole the numbers look less rosy, depending on what numbers you value of course.
The Baltic companies should expand in America
Trends are more powerful than you think. Sustained economic and social growth will drive investment, leading to wealth and influence.
Estonia is a success story, partly because of the Soviet union concentrating tech there.
How do you keep your most successful startups from moving to USA?
You are missing the importance of the price of energy. Germany’s economy has tanked since the Ukraine war because it had to cut off its cheap energy source. China Burns lots of coal, USA has the cheapest natural gas. We will begin to have cheap energy in Europe in around 20 years, from molten salt reactors, but that’s a long time to wait.
Instead, the EU is more concerned with introducing mass surveilance (Chat Control) and regulatorily capture AI.
Europe is so busy focusing on low carbon emissions, taxing, immigration and outsourcing it's industry has become non-competitive. It seems to me like Europe is producing less and less actual products for domestic markets and export and is instead importing more and more. Even products that are made in the EU rely heavily on components manufactured outside of the EU.
Immigration is normally associated with a more competitive economy, America being by far the best and most extreme example. More people willing to work hard means everyone needs to compete at that higher level, and in any controlled immigration system (with both Europe and American have) you can bias towards the more educated and capable, artificially increasing your average education and skills. Again, American is a hilariously good example, having scalped the best talent from literally the entire world, China and Europe very much included.
Immigration should be part of the solution instead of labeling it a problem, when you send weapons everywhere and kill people, don't cry when people want to come to your country, they should consider migrants as guests, more welcoming Because Europe will be empty in 10 or 20 years from now as people are old. And young people don't want children anymore, too expensive. No future. The only way Europe can survive is through immigration, not only expats because they will leave. Education, housing, so important.
Surely USA isn't dealing with immigration, outsourcing and low carbon emissions...
Taxes are indeed lower tho.
Neither development or security will take precedeng, the money will go towards funding large welfare states as it always did. Russian aggression be dammed our seniors need to have three paid vacations a year in exchange for blocking any new developments as NIMBYs
Russian aggression outside of it's border territories is a myth lmao, they can't even take Ukraine. You think they're coming for the rest of Europe? Get real.
@@user-nm9qd6bo6h they literally had tanks in Kiev until the Putin pulled them back during the first negotiations, then Boris Johnson scuttled the talks as soon as they could get reinforcements in... It amazes me how short the EU fans memories are.
@@king_kiff3969 How is it living in an alternate reality? Do people on your world also ignore every advertisement, or do you buy everything that is sold to you?
To blame pensions for our lack of development is rather nonsensical, we don't invest because we set ourselves dumb goals to prevent investing because that would take money and "debt scary".
@@king_kiff3969 Why lie? the fact you think Putin needs to negotiate with.. britian lol, and not ukraine shows how disturbed your world view is.
The biggest difference between the British superpower and modern US is that Britian was the head of a large mercantile system. The British system was dependent on the countries it colonized. The US is self sufficient within North America.
That hasnt been how it worked for a long time.
@@theliato3809 True, but that was a political choice that is now being reversed through re-shoring. 95% of the US economy is within North America. US does not rely on globalization for its economy.
@@robertbraden4454 Lol. That's a big reason why we want out of NATO. It doesn't benefit us
@@robertbraden4454 Still not gonna happen because north america includes multple other countries who in turn are plugged into the globalist system.
@@theliato3809 That might be changing soon, if Trump gets back into office.
Our Republican party has been working with conservative leaders in El Salvador, Argentina and Panama. For the first time, Americans are cheering on our neighbors' leaders.
A new American block is coming soon. The writing is on the wall. The Democrats want to stay in NATO. The Republicans want to ditch NATO in favor of working with North and South America. NAFTA will be scrapped and replaced with something more expansive in a couple years
I feel like the answer of why Europe can't grow as fast as the US or China is pretty obvious, no? You have 27 different sovereign nations with different political systems and a level of distrust that prevents integration. I can't imagine why a fast growing company would try to set up shop in Europe where they have to deal with 20+ different languages and the litany of different political and regulatory circumstances when they could move to the US where capital flows easily between states and everything is integrated with a unified language and culture. And they also have the added benefit of taking advantage of the economies of Mexico and Canada as well
I feel like the answer to Europe's problems would be further integration so that setting up shop in Spain isn't too different than doing so in Poland, but Europeans will never accept this greater level of integration
Companies don't settle in Europe, they born in Europe.
The problem is they prefer to sack funds and pay dividends to shareholders instead of investing and becoming big global companies.
They sure are trying
@@tiagogomes3807to be a global power you need the support of you government. You see Germans supporting French companies ?
The strength of US is individual initiative, the strength of China is a centralized government. EU has neither of the advantages
@@Kannot2023 also A LOT of capital. Amount of capital available in US is insane. US literally vacuum cleans EU talents from EU year after year making them founders of US companies. Many of the biggest AI and last 2-3 decades companies are built by a EU/post-Soviet immigrants that went to US for funding (to California mostly). Stripe is done by Irish for example. There are lots of other examples.
Sometimes company gets funded in EU, but then at some point moves it's headquarters to US making EU entity a subsidiary.
This should stop to happen. EU should become more of a big state with English as a common language and unified labor market.
BTW, vote for EU Inc (Google it) petition, that tries to solves for that and to make investments into startups easier.
The EU, from the point of view of a small business, is still not a large market. A small company must still deal with many regional regulations, and different languages. This is why small US and Chinese companies can scale up, and have sales with more customers with the same employees. The EU needs to "flatten" the market to allow scale. I think what needs to happen is the EU creates a "port city" structure. Every EU member can designate a port city. Each port city has the same rules, the same operation of bureaucracy, same level of digitization. Any EU citizen can conduct their business in the port city, pay a flat tax, and buy and sell services to any client operating in the network of port cities, with contracts enforced on one court system. The port cities adopt a single business language (say English). By having a pan European Market with single language, rules, registration and tax level, every EU port city business has a market that is effectively larger to participate in than PRACTICALLY what you had before. The best part, you can extend the port city model to any country in the world that the EU port city system could find useful. Port cities would allow English businesses to jump back in via a port city approach. Canadian port cities could participate, Australian, New Zealand, the US, Central and South American. EU port city markets need not be listed to current national borders. Port cities could be added and expanded in size as economic grow increases. Business conducted outside the port cities can be those who desire to stay in, and service only citizens of the country in question. This can help Southern European countries not losing people to the north. Same rules, same tax, work in the port city close by.
I think thats a brilliant idea. I had a similar idea of free cities being special economic zones with less regulation, less taxes, more subsidies etc. But yours is better.
This actually sounds like a brilliant idea that is actually feasible
Good point. In the USA, small businesses (eg. Mail order) have closed down (though dunno if it makes an economic impact) b/c of the myriad of state tax and state regulations for shipping.
Finally an idea! The EU has been short of ideas for a long time. I say lets put it into work, alongside other ideas. It would have been ideal if entire countries were such port cities and the structure "flattened"
So your proposal is something Hansa 2.0? Interesting.
But I think that at this point we should rather strive to make the EU regulation regulatory ceiling and not the floor as it is now. The issue with the single market in the EU I, as European, see, is that when EU mandates X, countries will put into their laws that they mandate X+Y making the regulation stricter. There is term for that already - gilded regulation. And there also is quite extensive report about non-tariff barriers on single market that deals exactly with this. French, Czechs, Germans, or Poles, to name a few, simply can't be able to enact any regulation that would prevent goods and services made and provided according to EU standards to be offered and sold on their markets.
VAT Issues could perhaps be resolved rather quickly if the rules would be, for standard sales between businesses and private citizens, simplified that the VAT is paid in country of the sale (e.g. Belgium, even if it is shipped then to Greece), but I am not sure how it exactly works now.
I would also expand your language requirements for port cities in such way, that they would have to offer governmental service in all three procedural languages of the EU (although I would swap German for Spanish) just as in local language. I think this should be possible to do at any city of more than 100 000k inhabitants.
The first problem of EU economy is Ursula von der Leyen.
So... lets reform💪🇪🇺
their will be no reform. When the euroceptisim will grow up to much he will die for the good of everyone
Europe should become a Superpower. I for one welcome our European overlords
How?
You mean having an stagnation economy and instead of acting upon it you think: "maybe we should do more welfare and get a few solar panels"?😂😂
@@daikucoffee5316
Large scale investments, abolish vetos and federalization
When a IT specialist get the same amount as a bus driver you will never get a technological revolution, but 3rd world economy.
And enough bus drivers who make a decent living.
@@pierman4858The IT specialist produces much more wealth for the general economy.
Firstly, IT specialists get more than the typical busdriver, secondly, why is it a bad thing that even a bus driver gets an alright wage? Your comment reeks of neo-con or russia-friendly stench
The replies to this comment are the European mentality, the politics are a mere reflection. Have fun getting poorer and poorer.
@@freshguacer exactly where? Not in Belgium, France, Germany and so called West Europe. In East Europe is not yet the case but who knows.
And ‘till this day, people defend all these stupid policies, while chuckling at the US.
Well, we won’t be chuckling much longer
These policies were great, in a era of growth and unrivalled western economic hegemony. Now europeans are forced to be competitive, before the chinease flood thier markets with cheap, efficient goods, and this time america isn't coming to save them, China doesn't pose a overt military threat you can just deter like USSR and even if it was, america is focused on isolationism.
The generous EU welfare state was the product of a bygone era. But it can return in the future, as long as it doesn't stifle long term development
Sadly, the only thing that will change the stubborn European mind is shortages, poverty and freezing homes. Europe is in for a long winter. One that may last many, many years.
@@lau6438 Winter doesn't last years... Please learn how seasons work.
@@unematrixmetaphorical winter
@@unematrix Do you speak English natively? This is called a metaphor.
Happy to see Poland and Romania thriving. Saviors of Europa numerous times.
Unfortunately, in Western Europe we are still seen as poor and stupid. Anytime I visit there, I am mocked and bullied. It's hard to live like this in "united" Europe.
@@lordwiadro83where?
I am very happy to see both Poland and Romania growing and getting better in time. Visited both multiple times for my vacation. Greetings from Slovakia :)
@@lordwiadro83 Calm your victim tits my dude. This is not the solution.
@@lordwiadro83 they’re just jealous that are countries are on the rise while there’s are on the decline. Plus they are being invaded by millions of inferior 3rd worlders while we have homogenous societies
The dissolution of the EU sounds absurd. There is no alternative to the EU. It does not matter how bad the EU is doing, no EU country would do any better without the EU. In fact, I believe a lack of unity is one of the main causes. The EU is either reformed -or- _edit:_ and prospers or stagnates and declines.
For the member states a dissolution would be tantamount becoming satellites of other powers (such as Russia) at worst, or, at best, becoming successful, but uninfluential microstates like Singapore: a disunited collection of independent countries amidst the sea of empires, hoping to weather the storm without rocking the boat.
Europe was better without the EU, its not about "Unity" its about whats right, and who decides.
Who do you want to run your country? Someone not from your country who doesn't know nor care about your problems.
Europe until the world wars, had international empires, world renown scientists, massive industries. Simply put it was competitive and people where happier.
Now we're 2nd fiddle to the Americans, which take all of our scientists and engineers. We rely on Russia for fuel, and we rely on China and other 3rd world countries for industry.
Well spoken.
The eu became the 4 rich. Way to powerful, way to far from ordinary citizens. Also, it's insane to think they could incorporate so many different nations states into 1 market. Hard reset, back to its original form.
What made Europe strong was competition between the states. EU could still be a free market and maybe a political union, to be strong in the world (a big military with projection powers would help). But to get the mojo back in the economy we have to enable more competition between states and economic models. The space industry is a good example where coordination only leads to bad results.
@@mikaelbohman6694 That could be true. However as the video itself stated, this goes against the primary goals of the union. If we had true free market and competition in the EU, then first, we would need a strong protectionist policy against non-EU economies (this is in effect, but not very strong). Second, it would cause the inequality between states to increase even more (instead of it decreasing like the EU's stated goal). This great inequality _is_ a problem in the US as well. Even with a united nationality and language, the US is torn by political polarization mainly driven by economic inequality that arises from competition. Imagine if entire countries in the EU would undergo brain drain and sidelining on the same scale as the American fly-over-states.
The question posed: Chose either fight against global warming OR the economic development of EU countries. If you chose the former you’ll get neither due to the fraction of global pollution the EU actually represents
Man I love your channel. Hour plus long videos, quality content on a regular basis, intelligent analysis and entertaining visuals. Thanks for being awesome!
Just federalize already. Stronger and standardized army, faster decision making, one unified regulatory structure, unified capital markets. Boom all problems solved
Tolerance, decadence and apathy
Tolerance and decadence are good, they're only potential issues when combined with apathy.
@@Li-Fu7 like everything else, tolerance, apathy and decadence are fine in moderation, but there is no moderation.
Complacency
@@Li-Fu7 Tolerance is a virtue, if moderated yes. But decadence? What is beneficial or virtuous in it?
@@Li-Fu7 tolerance is evil
decadence is death
apathy is wickedness
Agreed. As a Nigeria, i am baffled by Europe's weird decline and hesitance to thrive militariky, economicaly, and culturally as they used to. Heck! I am seeing news of North Korean mercenaries in Ukraine fighting and yet Europeans are just pretending like nothing is going on. Do Europeans not have armies?! Are they all jokes?!
Our armies have only been used for bad in the last... well the entire history
Your eating too much propaganda, "they are in decline" is hyperbole, like, we are talking about many of that top ten economies on earth, most have good growth.
Eurpe is still half asleep. To many at all levels its as if the berlin wall only fell three years ago
@@FemboyLegendGD friend, that can be said for almost every army on earth. No excuse to not have one, especially for defending sovereignty
@@orboakin8074 Not really. Especially in recent history European armies have just been used to assist in USA's atrocities
Amazing. I didnt think Ireland left the EU, but these maps and thumbnail tell a different story
It's probably because it's referencing GDP and Irelands GDP doesn't really factor in it's real economic growth. It would be misleading to include it, although for comparisons sake i wish they added it in.
While Brexit was a huge mistake it was the Canary in the coal mine for the EU about how poorly they had been handling issues like migration and the lack of understanding people had of the function of the EU.
8 years later, I'm hearing the same rhetoric I heard from brexiteers being spoken in French, German and Italian.
The problem is that most of the things Brexiteers said turned out to be....wrong. They deeply, heavily depend on immigrants to provide cheap labor. In the EU perhaps less so, but our housing market bubble exists only because of population pressure. With declining birth rates, there won't be any way to keep housing a solid real estate investment in large areas of Europe. Once those start dropping, the entire economic foundation of wealthy countries like the Netherlands will crumble. Now, there is a solution that does work. Stop immigration only from cultures and peoples we know are deeply incompatible with European democratic values. Freedom, equality, scientific/atheist princples, LGBTQ rights (although not everyone agrees, they are not a threat for those who don't like it. At the same time I also believe we need to be conservative with how we implement how we communicate as a society about that topic, though). And increase immigration from nations and peoples that we know will integrate in a healthy way.
Immigrants yes, but be simply put, much much more selective in who you (permanently) accept as your future citizens. Ukranians, Moldovans, Georgians, most Asian countries, Latin americans, quite a few African countries (excluding particularly problematic ones is needed) etc. Those people have a long history of troublefree integration in our societies, positive contributions.
Immigration is needed, simple. But in the current form we are the venereal toilet drain for some of the worst religions and cultures and people on the planet. Those are ruining our societies, and that is not a price many people (rightfully) want to pay.
Not After How poorly they are doing, nobody Will leave don't you worry
its not migration policies, but failure in wealth distribution thats firing up the extreme right.
No one will touch the rich and their power to exploit though.
So we are headed for disaster.
The UK was not part of the EU's migration agreement. The UK had an opt-out. Migration could literally not even be the issue. The UK could refuse any person they wanted.
@@Bottleofwater-n5y exactly. brexit was a huge mistake
I feel obligated to point out that Poland is growing NOT thanks to EU or our government but DESPITE them
why don’t you leave eu then?
@@account-369 I don't suppose it's my decision
As a Pole I could say that this is BS. We grow because we can use the EU, our governments are slightly better than others and on top of that we are ambitious. So this is the sum of all these factors. But without the EU we would probably be like Serbia at best. My fellow Poles who think that we don't need the EU, although there are not many of them, are just f@#$ dumb.
@@Pawel_Mrozeknot to mention that you folks have your priorities straight. I can only hope it stays that way
Wdym not thanks to the EU, you guys are the champions of absorbing eu funds
There is need for regulatory reforms, but don't get carried away with US comparisons. The US has exceptional geopolitical advantages: No nearby threats, easy access to the Pacific and Atlantic, and enormous and diverse resource wealth. No matter how well or poorly the EU adjusts its regulatory frameworks, it will never possess these advantages.
The most important is huge amount of people with the same native language, that is also the same language which is lingua franca worldwide
That is false. South Korea has the same disadvantages and is the most innovative country 6 times in a row
Dude, I don`t know if you`ve ever looked at the map but we Europeans have easy access to both the Atlantic and the Indian ocean. We are also way closer to a bunch of other trading partners. Russia is a frenemy that is becoming more and more dependent on China and sooner or later would have to ally with us in order to keep it`s national sovereignty despite current events.
@cowboybeboop9420 I said the pacific, not the Indian ocean. Far, far more wealth and trade volume exists in East Asian countries adjacent to the pacific than does in the countries adjacent to the Indian ocean. And a hostile relationship with Russia is not an advantage for us.
@millevenon5853 It's not false. South Korea cannot innovate away its geography. You either have resource wealth or you don't. You either have a short trip to the world oceans or you don't.
Something i think this video misses however in relation to the US and China is that, whilst the US has grown significantly GDP wise it has achieved this largely through huge increases to its Debt which may well surpass its increase in revenues from economic growth. China conversely has achieved its growth by undervalueing its currency, artificially stifling wage growth and through overinvestments into infrastructure and heavy debt at a local level. Europe has the weakest economic growth, and is struggling with its own issues such as housing, refugee and energy crises, those however are issues not entirely exclusive to Europe, and it has considerably more fiscal space than China or the US, and relatively speaking higher standards of living.
Yeah the US hasn't really had a significantly higher increase to its debt. Realistically as well, the US also actually has more financial firepower than Europe.
The US bailed the EU out of 2008 and even then the union stagnated ever since. The US also is the dominant global currency. There's just more room when the currency everyone is using is controlled by the US. Even if the EU did try to use more debt, they'd just kill themselves faster as their fundamentals are simply worse having an older, weaker, and more regulated population. The EU has "better standards of living" as a consequence of making it nice currently and has now sacrificed its future in the name of that with the government driving the largest and wealthiest European economies. They're cashing out and there's no way to undo that because the problem is cultural, not technical.
China is rising because there's more space to grow (even though its nominal GDP is a complete fabrication by its own admission) but Europe is already at the top and has no desire to grow. The technocrats in charge of the Union are the problem, and the large elderly population are those who are unaffected by its fall with no more skin in the game.
Europe needs immigration because it has an aging population and not enough working age people to support them, as the US probably does. Immigrants are also very entrepreneurial and hard working, they on the whole pay in more to the economy than they take out. They've always been made scapegoats when times get tough like after the 2008 Global Financial Crisis.
Although Europe doesn't seem to assimilate their newcomers all that well, probably due to ghettoized communities and limited socialization from host natives outside of the workplace. This leads to defaulting towards some off-putting old country ways in their new home, like placing faith over logic and life goals of high-status shamming over gaining pride from personal handiwork.
I question the value of raw "economic growth" as a metric for how a country is doing. GDP numbers are a useful abstraction, but that's all they are. In the short to medium term they are quite susceptible to manipulation, deliberate or otherwise.
Not that the EU is exactly doing great according to more granular metrics, but neither is anyone else. The US is trying to GDP-grow its way out of some pretty bad social issues, treating The Economy as some god that promises to fix everything if they just worship it hard enough. Meanwhile China is staring down a looming demographic catastrophe caused by squeezing the working classes too hard for too long, and the only solution they've come up with is s mad scramble to try and get rich before they get too old.
As such, both American and Chinese policy makers are stuck in a "growth at all cost" mindset. So it's no surprise they achieve impressive GDP growth, but is that really solving their underlying issues? For better and worse EU lawmakers have seen fit to balance economic growth against other priorities, so naturally their headline numbers turn out less impressive.
In theory, politicians are supposed to serve the long term interests of the people, not The Economy!
"Something i think this video misses... the US has... huge increases to its Debt which may well surpass its increase in revenues from economic growth."
Debt to GDP ratio. That shows you clear as day is the debt of economy growing faster. If you ignore the massive spike during Covid the US debt to GDP ratio has been dropping for much of modern times, and is nowhere near crisis levels like a lot of other nations have experienced..... you know, like more than half of Europe, or Japan, or *China.*
"China conversely has achieved its growth by... heavy debt at a local level."
I find this quite funny. America is bad because it's grown on debt, but China is doing better because it's grown on..... debt. China's debt is complicated beyond all belief, because they not only lie to us they also even lie to each other. Even using CCP sources it sits at around 150% GDP. Using more real estimates over 300%. America's debt to GDP ratio is currently sitting at 123.3%, having dropped by about 1% over the last 300 days, and is beginning to accelerate it's drop despite the massive investments (possibly because of) this year, and despite the enormous military spending that is a unique disadvantage no other nation suffers from, but doesn't seem to be holding them back meaningfully.
Also, who owns the debt? In China it includes a shocking amount of external debt, meaning debt owned to people or countries outside of China. America famously is almost entirely funded by internal debt, mostly to the public. American debt can better be thought of as outstanding stock in a stock exchange, that is mostly owned by US citizens. Some foreign nations, and nationals, do also own a decent bit, because American debt is a fantastically safe investment and is available on the open market (you can go buy some right now if you like), but contrary to popular belief China does not own all that much. Japan owns more, as does Korea as of recently, ect.
And as always, note the rates. Over the last 20 years American public debt (debt owed to American citizens) has grown by around 200% in absolute value, while debt owned to foreigners and other nations has only grown by 36%. It seems the overwhelming majority of people investing in America, are American's. This also means the rents that are paid out to the stockholders overwhelmingly goes into American's pockets. This may contribute to the nations income inequality (the poor tend to not own treasury bonds), but very little of that money is going out of the nation.
So to recap, America is increasing it's economic size and scale by creating debt.... that it owes primarily to US citizens (more than 88%), and will over time pay back to US citizens, as it continues to create more debt and grow the productive economy more, ect. This is a bad thing you say?
Compare this to Europe, which builds radically less debt.... but builds no revenue streams to pay it (look at you Greece.... and Italy, and Spain, and...), and so basically bankrupts and vastly lower debt levels. China can survive on 300% debt to GDP, Japan famously managed to stay afloat at *800% debt to GDP for decades,* and America is happily huming along at a currently slowly declining 123%. Greece was thrown into a crisis it has still not recovered from at a ratio of just 108%.
One of the best ever business quotes in all of human history: "you should be terrified of small incomes, not large expenses." If you are making huge amounts of money, but have massive debt and/or massive losses, you can always re-finance or re-organize your company (or nation) in order to balance things out. If you are making little money there is literally nothing that can be done aside from just cutting literally all spending.... and good luck surviving and building anything with a hard zero investment.
The first 8 minutes could've made it's own video on most channel, W content, I love it.
China is a centrally planned economy with free market characteristics.
The US is a large, single country.
The EU is neither, so even though the EU has a comparable economy size on paper, that economy simply cannot be focused into investments in the same way. In order to do that, the EU would have to be a true single market, like a country, as well.
The EU is reducing overall bureaucracy and bureaucratic hurdles by unifying regulations between all constituent member countries. But it isn't working fast enough, and investments have to be unified in the same way.
US can let the whole regions (like rust belt) stagnate and rot, China can treat one region as a reservoir of slave labour and sent tanks to protests. EU can’t do neither and that’s good.
Single market means that some regions will loose big time compensated by opportunity to migrate to others. But EU countries are not US states there are significant cultural, language and historical barriers.
Thx for this video! Reforms and industrialization is exactly what the EU needs to stay competitive and ensure long-term prosperity. ASAP! Great analysis 😉
For exemple, besides housing properties, how many countries in the EU have invested successfully to put an end to children poverty? Ratios in Spain have not been reduced significantly, whereas political parties membership take over everything and plagiarise sistematically their annulled compatriots.
Only looking ad GDP is not enough. the GDP/debt ratio in the USA is really concerning and should not be overlooked to be honest.
Europe:
2000: 62.3%
2007: 62.3% (record low)
2021: 91.6% (all-time high)
2024: 81.7% (most recent)
USA:
2000: 33.27%
2007: 55.66% (record low)
2021: 118.89% (all-time high)
2024: 120.04% (most recent)
EU doesn't print money, it has actual positive trade balance for decades, while USA is using it's dollar card over and over printing billions to cover trade deficit. EU is not perfect at all, but US is basically a fake country which keeps it's economy afloat by political and military means (which allows them to print money in the first place) instead of actual economic efficiency.
Can you explain this, for simple people like me?
usa issues the dollar and is able to run larger debts forever
@@Mendogology The debt to gdp ratio is how large the national debt is compared to the economy. So while the relative level of debt is growing on both continents, the US is growing dangerously fast.
@@Mendogology I'm not an expert but often GDP to debt ratio is used to indicate fiscal responsibility of a country or it's ability to repay it's debt. Also it can indicate where the money for economic growth is coming from ie injecting money into the economy through loans/credit. Some countries which were under threat of defaulting on their debt (which is really bad and could be catastrophic for the countries economy) during last few recessions had huge debt to gdp ratio, for example Italy, Greece, Ireland, Portugal and Spain had the ratio over 100% in the 2010s. Meaning the debt of those countries was higher than value of all of the goods and services generated in that country for the fiscal year.
The inclusion of ‘green slogans’ in what is supposed to be a growth plan proves how unserious the European establishment is. They could get their growth if they didn’t have to work with the Greens. The EU will always lose to other countries that take a realpolitik view and prioritize their own growth rather than the environment. With things like the Paris Accords, China and India try to get as many environmental concessions as possible, while the EU tried to give up as much as possible. The establishment have a cordon sanitare against the right based off the 20th century political orthodoxy that boomers were raised with. This establishment is being rejected, especially by young people, see the recent German elections, but will that rejection be too late to make the EU competitive again?
buddy, europe has no oil, they need to be independent on energy, and guess what, solar and wind are both the most cheapest forms of energy.
@@AL-lh2ht Problem is that while the energy itself is available freely, harnessing and using it is anything but cheap, renewals are extremely unreliable (with the exception of hydro and geothermal), to make them reliable would requite an impossible amount of battery capacity and immense areas of land, land which will become unusable.
If Europe is serious about economic development and CO2 reductions the only viable path is Nuclear Fission, which the EU is proud to under-invest (more likely de-invest) in.
@@AL-lh2htno, they are super expensive, check the Levelized Full System Cost of Electricity (LFSCOE)
What nonsense. One of the largest up and coming industrial sectors IS the green economy. Solar cells (we handed leadership on that to China), wind farms (China is leaving us behind), batteries (we're lagging behind the US and China), electric vehicles (even though a large share of our economy is automobiles, the biggest companies are absolute dinosaurs who refused to get their move on, so we're losing to Tesla and to China here, too). You can add chips to that and all sorts of other things.
As the video mentions, we already lost software to the US a long time ago. The sustainable energy economy is the next big thing, and we're messing that up too. And you're even cheering for us to abandon it harder, lmao.
@@Yutani_Crayven The so called sustainable or green energy is a forcibly created market, that has been over-invested in for decades at this point. Like any market, throw enough resources at it and it will develop, if it will be as efficient or effective as it's competing technologies though is anyone's guess.
There's a reason this market (green energy) is more developed in China vs the EU or the US, it's a very resources intensive market that requires huge amounts of raw materials and intermediate goods, that have to come from other industries. As it stands both the EU and the US are basically de-industrialized in any basic and intermediate goods production, this means that production of goods upper in the value-chain is logistically harder and more expensive (EVs are a good example here, many, if not most, of the intermediate goods are imported probably from China).
As such it's much more likely that industries, not related to software (which by it's nature requires little physical goods input), will be developed in China where the economic conditions for development and growth of such industries is more favorable. The US seems to understand this, therein this new push to re-shore and re-industrialize that we've been hearing about recently.
In comparison the EU seems to want to put the cart before the horses, focusing only on the end of the value-chain, while ignoring where all the inputs for such high tech industries will come from, and at what cost.
Over regulation leads to stagnation. Always.
15:22 On that map did they mean to highlight Nashville, Tennessee instead of Nashville, Kansas? Couldn't help but notice it's only state capitals and major cities. Maybe it's where companies are headquartered?
Are you trying to slander the fine people of Nashville, Kansas, all 42 of them, by suggesting it isnt a major city?! How _dare_ you, sir
@@FoxtrotYouniform There are dozens of them I tell you, DOZENS!!!!
@@Grimsace SCORES, EVEN
So, you start the video saying that the EU has had a very bad performance in terms of growth since the 2008 economic crisis, a direct result of the EU policies enacted by Mario Draghi. And YET, we decide to give the keys of the new process of economic growth to the same man who was responsible for the response to the 2008 crisis???
I understand that EU's poor performance is due to the fact that US and China are not playing by the WTO rules anymore, but then again, Draghi was (and still is) the main and most respected voice on Euro economy; so, I hold him responsible for the poor performance and I am a bit surprised how he is still treated as the greatest man in the Union... He literally was at the helm and taking all the decisions for all of these years of economic backwardness, brain drain, de-industrialisation, BREXIT, ...
We should find younger faces and politicians in order to signal a new and genuinely progressive turn in the way we look at the EU. As long as we rely on the older politicians and technocrats who are directly responsible for the present situation, the voters will not believe in this project.
Don't expect progress from an oversized overcentralized bueraucratic entity.
Instead, expect arbitrary laws, power games, inefficiency and opacity.
Who is more innovative? Small startups or large corporates?
@@spambot_gpt7 Depends on the company. Some large companies are hugely innovative and have the ressources to pursue extensive R&D. AT&T and Sony would come to mind as prominent historical examples.
What the hell are you talking about??? Draghi was in charge of monetary policy, where he did a great job saving the eurozone from disintegrating. You can't pin slow economies and political decision in him. Some of those decisions were not even done on EU level, they were done on national level. What the hell is wrong with you, oversimplifying everything so you can have a scapegoat to point the finger at and scream "he's the bad guy! His fault! His fault!"
Not really. It was a few years after 2008 before Draghi tookover (2011, iirc). The EU Central Bank did not act like a federal central bank until Draghi. In fact, the ECB basically did nothing and was powerless for those 2-3 years before Draghi. The EU had a liquidity crisis for those years between 2008-11, which led to a sovereign debt crisis, especially among those countries which tightened fiscal policy (austerity). The reason why is because with the curtailed spending, GDP stagnated or even in cases of those who adopted strong austerity GDP fell, which meant debt/GDP ratios worsened. So paradoxically the cut in spending made the debt situation worse.
What Draghi did was basically copy what the US Fed did right after the crisis and increased the volume of money, thus leading to the banks lending again, thus stimulating the economy again over time. Yes, it added debt as well. But for some countries in the block, it was too little too late, because that was needed in 2008-9 and it didnt happen until 2011. So it's a mixed bag. If the ECB President, some French guy iirc, at the time had acted as the US Fed did, it would have been a completely story, and perhaps a different outcome for that decade between the 08 financial crisis and covid.
@@spambot_gpt7how would you then call US or better Chinese governments then?
The anti-GMO sentiment in many EU countries like Germany and Austria immediately comes to mind. Like the Omnibus story that has been driven and sponsored by the organic and farmer lobbies that wanted to protect themselves from having to compete. And so the EU lost that train also...
Oh yeah the mighty organic farmer is to blame, not the fact nobody wants to eat your GMO trash.
Look at Germany.
How many of its major companies are old enough to have had a swa-sticker in their logo at some point?
They are suffering too, but their lobbyists are accomplices.
Since the war, there was little innovation, just a slow decline.
The biggest will for change is towards degrowth & sustainability.
That means lower and lower standards of living.
GMOs are highly toxic, that was one of the only instances when they were right
Some Eastern Europeans want to introduce and bring GMOs and all the filth to Europe, just to increase the GDP?
And others just to please and serve their master the USA?
I much prefer to live poor and eat clean products than to eat plastic and GMOs.
Following the Americans blindly is not our goal.
If other Europeans want to live the American way, they should just leave the EU and join the USA.
The Poles are really traitors.
France is leading the anti-GMO movement in the EU. After losing the start, they steered the EU into protectionism and the ban instead of research and investment. And the eco-know-nothing masses follow them.
2:30 the economic growth looks big in eastern countries and poland. However remember collapse of soviet union only just happened in 1990. You can grow a lot if you come from far down.
Yes but Poland has grown so much that it will have a bigger economy than the UK by 2030.
The quality of life is not that different anymore. There are even hints of Eastward migration, at least re-immigration. Eastern countries had a kick-start and were able to build a lot of industry, information & infrastructure from scratch. The start was harsh and painful to say the least, but now it pays off. For example, my country now produces more than two thirds of it's energy using renewables and is still very competitive. There's way more optimism here than in the West.
The attitude to this, especially in the U.K. is “it’s going to get worse and nothing can be done”. The defeatist attitude of the average European is sickening to me.
Fully agree. This defeatist sentiment is really pissing me off
But I remember everyone here in America saying how it was so great over there how you guys got free healthcare and all that stuff I thought it was going well
Europeans don't realize that their "free healthcare" is not actually free. They still pay for it economically they just get to pretend they don't.
The Block must close its fist and deal with their aggressive neighbor to the East, before anything else. If they can't agree on how to mutually defend themselves then how will they ever cooperate economically?
hahahaha the EU has no ability to "deal with it's "neighbors"
@@icu17siberia EU has a massive harms industy. I hate these touristts here.
Probably NATO shoud not invade middle east and africa. EU neighbor have the right to defend themselves after NATO did to african country like Libya.
what the block must do is forget about everything that is not on the block
External wars, global warming, sanctions are some of what is holding us back
NATO expanded to the border of Russia after the collapse of the USSR. The west is the aggressor in most wars today since the 1990s.
Regardless of their problems, it's a real achievement that such different countries with different languages and cultures can unite as they have. You don't see that in Asia or anywhere else.
I'd say India keeping it together so far is remarkable even thou the history of its formation was quite messy. They also have tons of different languages and some of them are not even in the same family of languages (Indo-Aryans and Dravidians vs Indo-European and Uralic and Basque). They also suffer for bureaucratic problems like EU which plagues their economic growth although very different ones.
Still EU is indeed an achievement.
It's basically same culture if you took 10 young European adults speaking good english and asked them some questions for few hours you probably wouldn't guess their nationality, only accent would give you some clue.
We didn’t unite, as a Portuguese in Germany there’s I don’t have more rights than a non-EU citizen other than not needing a Visa, which has been that way since before the EU was founded.
A bunch of states, around 50, uniting you say? Wow, I've never seen so many states unite before?
........................Oh right, the United States did that, and apparently a lot better to. It is both more united and has more states!
@@ASDeckard comparing the US and Europe
Ie literally most us states are anglo Germanic ethnically and Welsh Scottish in the South
Now try uniting a fin and a greek culturaly
It's not happening
To quote James Carville, "It's the economy stupid!" Ditch the Quoxitic social engineering and focus on what really matters.
The EU doesn't do social engineering, though...
@@unematrix No, of course they don't. . . ;)
Quality of life matters. Not everyone values giving their life to a company's stock price. A balance can be reached and on balance, European countries are closer to right than the US. There's so much more to life than economic dominance.
@@skeeterhoney but that's why it is falling apart. You can't impose one set of standards on 30+ separate states, with separate cultures no less. Whether you agree with the principals doesn't matter because the application is failing.
@@skeeterhoneyobviously. All those social programs still ultimately need to be paid for.
anyway, no one will read this, but the answers to last question in the film are obivious
1) EI is a bureaucracy, and USA and China is capitalist free(er) market. free market always wins in that competition
2) bureacrats incentive is to keep their jobs - make MORE bureaucracy, more commissions, more paperwork. USA and China business leaders want to keep their jobs - innovate, keep up with competiors or economically perish.
3) and lastly, EU is old. OOOOOOOOLD. old people have 1 thing the most - CHANGE. any change. change for the better - old people hate it. This is a win-win (for USA and China) combination - bureaucrats trying to satisfy old people.
4) China has gov who pumps money into innovation. USA has blackrock and many other private investors who pump money into innovation, and USA also has gov which does so too. EU has..... nothing. 500 million for aleph alpha whatever german AI joke is the limit of its powers of finance. and it is not real anyway - that money will probably not materialize.
eh, no one will read this anyway
Look no further than Germany itself, they'd rather sink than innovate, they can't even get rid of paper, 70% and more of their businesses still use fax! "The bureaucracy is expanding to meet the needs of the expanding bureaucracy."
At least six of us read it! :D
@@rcchin7897 " At least six of us read it! :D"
woooo! I mean... 7 of you read it (joke is it is at 7 thumbs up now)
Being reserve currency also has its perks !
Blackrock is the enemy of Americans
There will be no green transition, it's the biggest mistake ever made
The green deal is just a project to make the billionaires even more rich
Britain did have a revolver in the 1850s, the Adams revolver which was adopted by the British army and was highly regarded because it had a larger calibre than the colt and had more stopping power in colonial wars.
Who could have guessed importing poverty and expenditures does not increase GDP?
The fatal flaw of the EU and the Eurozone specifically is that the European Central Bank does not automatically backstop all EU Member State sovereign debt. This is why the US has zero risks with pumping large amounts of created money into its economy through massive deficit spending each year.
The EU today, with all its bureaucrats, unelected officials, platitudes, fuzzy warm goals, equality for all, wellfare state, long workers vacations, shortening of the work week etc., looks very much like the Yugoslavia in the 80s. It would be wise to analyse for the possibility of war if the EU disintegrates.
Though all of this hinges on, well, what metric matters? People compare the EU to the US and China, but both of those countries are seeing increasing wealth gaps and decreases in quality of life. .. meaning yes, their big numbers went up, and that made their rich people happy, but thing have not been going well for the middle and lower class.
Proponents of making the EU more US/China like picture themselves as 'I would be rich if I were in the US/China, but not in the EU!' when really, if you are not already among the wealthy in the EU now, you would likely not benefit from this kind of growth.
True and important point.
Quality of life is massively rising in China and falling in most of europe
@@Shmimbleton I wish the Chinese the best but with more people in deep poverty than some countries have people they have very, very long way to get all of their population to a Western living standard.
I'm from USA and I wish I could live in a well regulated place like EU. I grew up in a neighborhood with a worse quality of life index than almost all of Sub-Saharan africa. And the rich are becoming less in number but more in insane wealth.
It’s almost like making it impossible to fire employees, makes companies less willing to hire them.
as a person who has been laid off in Germany I don't know what you're talking about, maybe a bit harder than the US, but not hard at all
@@naydennaydev7071 Germany is also one of the most capitalist countries in Western Europe. Look at France or Spain
@@naydennaydev7071 Its probably a neoliberal bot
@@naydennaydev7071 Wenn VW jetzt Werke reduziert, muss es "sozialverträglich" kündigen.
Das heißt, dass VW produktive Arbeiter bevorzugt raus werfen muss, und unproduktive, die anderswo keine Jobs finden würden, behalten muss.
Was denkst du ist der Effekt davon?
@@FemboyLegendGD the easiest way to see this is through the counterexample in the Nordic countries like Denmark. They also believe in much greater safety net and gov. Support. But they work directly with citizens, making it very easy to fire people, but providing enough benefits that it’s not a big deal. (Vs using companies to continue the people, which ties up labor and resources in unproductive companie, vs letting things that fail fail and letting those people and that capital go to work more productively.
As a result in Denmark 1) companies can expand very rapidly without fear that it will be hard to downsize in hard times. 2) it’s spurred a wave of US style startups - because job security is both less guaranteed and less important, young people take risks and innovate, knowing it will be ok if things don’t go their way.
Please, could you fix the location of Nashville on your map? It is shown as being by Witchita lol. It's been in that spot for the last several videos. It deeply disturbs my OCD
We really are in an era of world stagnation and chaos , doesnt look positive anywhere on earth
Southeast asia, Africa and ai
@@wussrestbrook1200 maybe, no and no
Maybe in your dying continent,Africa is all and a well, excluding the DRC and the Sahel of course.
This video does one huge mistake, and that is to trust Chinese GDP figures which are about as reliable as their claimed death rates connected to the pandemic. Chinas economy is incredibly inflated and will come tumbling down shorty. Mark my words.
I don't want America to be friends with China. invest in other countries NOT CHINA OR RUSSIA.
“The Union 'may' die" strike me as very very optimistic framing.
The People's Republic of China is the hub of production, the United States of America is the hub of innovation, and the European Union is the hub of regulation. It is obviously true that regulation is important for consumers, but regulation alone cannot guarantee strong economic growth. Europe must innovate and produce like the Americans and Chinese, do.
Furthermore, the EU has the ability to easily go toe to toe with the USA and PRC, but it must federalize. And unfortunately I do not see that happening so long as there are European leaders like Orban and Melloni.
The EU model was only ever going to work in a world that never materialized, a world where war truly ended and where demographics didnt exist. For better or worse, a Federal Europe is as much a fantasy as a UN Army always was.
What a joke. Federalisation has suppose solve everything? It will be soviet union 2.0 and it end the same way
China is the hub of innovation. Just look at the patents on new tech, compared to US vs China.
You think its only those two standing in the way? Every country in eurpe has major leaders that would stand ardently against it.
Channels like these love to talk about EU as if it is some irreversible mess. We also simply had some back luck lately, namely our big friend to the east who decided to be an attacker. But talking as if EU is about to implode is a fun topic and it generates loads of clicks for smaller channels like these.
EU federation in our lifetime 🇪🇺🇪🇺🇪🇺
From the U.S., I see our relative success due to being ruled by elected leaders rather than "intelligentsia" (bureaucrats). Populism is not a dirty word here, so we do not allow our leaders to hobble us with costly environmental, diversity, technologic, or similar regulations. Taxes are lower due to an anti-socialist zeitgeist, a long history of self-reliance and individualism, and a stronger work ethic than some Western European nations. Honestly, if the EU could just stick to managing the Euro and Shengen (without requiring accepting so many migrants), perhaps your economy would do better relative to us.
1:50 why TF is Norway depicted as a EU member? They are not
But you cant R&D / Invent something and immediately sell it to US, bcs EU is stupid enough to let it go, set laws against or do anything can do to do harm to companies not involved to paying somebody campains ...
The EU is very busy with urgent matters like 🏳️🌈🦄
The problem, at its core, is policy.
a) Maybe we are not meant to grow forever.
b) maybe economic growth is not always good
c) maybe economic growth is « balanced » by positive actions that benefit people (I.e high regulation over robots, higher regulation on food industry, protection of the environment and human rights)
They can't fix the problems so they'll go green instead
US has one thing cheap energy and resources. Europe also could have that but because of rules and regulations they dont...
wokes in Germany closed down all nuclear station themselves..
@@Heinakuhi While im all for environmental parties, that decision by the greens really made me think that its a russian proxy party
The US subsidizes gas because it's a gas producer. The EU doesn't really have gas production so subsidizing it would mean throwing money away
europe has no oil......
@@Heinakuhi buddy you going to say openly coal plants is woke too....
How to fix it: pay your engineer similar or even higher than US salary. How to? Less regulations, employment at will.
The US has proved their system works and ours doesnt.
Regardless, Im leaving the EU for the US anyway, I am applying for masters degree there and intend to immigrate and never come back unless I get to actually make money.
LMAO, why even give advice in the first place
Every Hilly Billy who achieves more than a bit just moves to the US
Maybe there they will talk and praise the EU for whatever reason
The sooner the better - the EU after the Lisbon treaty sucks big time!
Patent laws are far more restrictive in Europe than in other parts of the world. This can easily explain in part the lack of applications in the EPO compared to other parts of the world.
Fair enough, another good episode but Emmanuelle is a bit of an idiot. (An idiot for the rich French people that wanted to get him into power to reform the Labour market and help them get more competitiveness out of their workforces).
I wouldn’t let him run a bath. He‘d tell me that bathing is coming to an end and only he can prevent this through a summit on bathing in Versailles or something.
Europe has been a dying continent for a while now
yeah, for 1500 years at least, somehow survived so far
i think a lot of people like to talk about europe dying, it is easy clicks
@@likeAG6likeAG6 I disagree with that, I would say Europe has been dying since 1914. It used to be the center of the world but started falling aside with WW1, and from there only got worse
@@JBarG22 You could've said the same about Germany before 1930th or Russia after 1917, however in just 10-20 years they have created strongest armies in the world.
There are hundreds of examples like that during whole European history, the thing is that Europe is full of both very intelligent and very strong willed people who were very successful during the course of the whole history for that reason, there is no problem that cannot be solved here by a strong centralized government.
I totally agree that regime of current elites will collapse eventually, but that's not what Europe is.
@JBarG22 You're confusing dying with othe powers becoming stronger since WW1, though now those other powers are growing while Europe is stagnating.
I love how Scholz is not mentioned even once in the whole video 😂 maybe a testament to his "leadership"? 😄
Too many lavish month long mandatory vacations and not enough production plays a major role
Please be aware the U.S. economy is not growing as fast as you think. They are adding 3 to 5 trillion a year through debt creation, giving a false sense of growth. They have also benefited from the increase in supply of energy to Europe.
Amazing Global Mapping Report! We need Leadership not Lawyers! PS: where is Cyprus!?
Europe is a museum..
..of stolen Macedonian artefacts
An open air museum...
don't touch the exhibits!
@@bojanblagoevski959😂 I am Macedonian, you r Yugoslavian(South Slavian).
@@NikTcl Yugoslav*
Capitalism, savings and hard work. There is no other way.
I’m not against savings, but they aren’t good for economic activity.
Capitalism is about the motion of money. Having the confidence to spend, make some money, lose some money, and keep spending again. Saving is great when you are one of the few actually saving money. But it’s horrible for the economy when a high savings rate becomes widespread in a population.
I would say, work hard, pay others for their hard work, invest, and maintain confidence in the face of adversity. (And save enough to weather a storm or two)
there is and it is way more useful for society
capitalism has destroyed birthrate, which caused all other kinds of problems
remember, the biological definition of success is population growth, GDP doesn't matter for mother nature
capitalism literraly put everyone in this situation and make WW2 possible. He destroy birthrate and the planet. Saving ? How the Country will take it or lose all his value. Hard work ? All rich class allready told everyone this while they do less but we want the lower class to do more for save the more rich again like 2008 crisis...
@@icu17siberia lending becomes extremely difficult when consumer spending slumps
Yes, but we don't have capitalism, it's a shitty hybrid of socialism with the minimum amount of freedom to make it work. I would love to see the EU adopt an Austrian economic model, that would be something truly revolutionary, but it would mean that all the politicians and bureaucrats have to renounce a lot of their power and influence.
This was such a great video. Impeccable research and objective analysis. The EU should listen to YOU my guy
Nothing will happen to the EU. The same can be said about US, China, Russia, etc
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As everyone knows, everything can grow at a greater rate forever. This is the true meaning of sustainability.
On a finite planet there can't be infinite growth. Neither space nor resources are available for that. Common sense.
@@editfazekas3854 yes that was my point regarding the current political paradigm
A bit long, 40 minutes would be better with a shorter historical part for UK. Great content overall, good job !!
All of this is, as a Brit, is very true.
I am retired but if I was younger, I would be planning my emigration to the US.
Hopefully they would let me in.
No! Anti-EU is good, let the countries decide for themselves! Russia won't attack the European countries and China won't benefit from the breakup
Russia absolutely will attack Eastern and Central European countries, Poland, Finland, the Baltic States, Denmark and Sweden are very much aware of that. Russian state officials, propagandists and geostrategic experts such as Karaganov threatened Central-Eastern Europe with war multiple times before. Even in this very moment Russia wages a hybrid war against Poland, Finland and the Baltic States by artificially creating migration crisis on the Russian and Belarusian borders with EU. Belarusian and Russian secret services are litterally transporting inmates from Syrian prisons into Belarus, training them, arming them and transporting them to the Polish and Lithuanian borders. Those countries litteraly are a wall protecting Europe from yet another wave of illegal and uncontrolled migration. Russia already wages a war against us
All of this has been obvious since the 70s at least.
very sad much love hope it get well soon.
I would have been interested in your thoughts on the UK, their exit and if you believe they made the right decision in the medium to long term?
Efficiency by innovation should be the target. Efficiency by cheap Labor is bad and decreases innovation.
The Union will not die.
for no one thinks it will be progress, do not forget,
first, we lost GB then Russia started a war both are hard but made all understand we are stronger together.
This is the fault of germany for trusting russia and china.
If germany becomes a net taker in eu vs a net contributor that's definitely the end of the eu.
"the titanic _cant_ sink"
@@FoxtrotYouniform This is the fault of germany for trusting russia and china.
If germany becomes a net taker in eu vs a net contributor that's definitely the end of the eu.
EU doesn't have the temerity to actually even support Ukraine. Merkel courted Putin and unilaterally called refugees from the Middle East to come to Europe. The Union looks weak.
@@FoxtrotYouniform IF germany becomes a net taker then the eu will dissolve.