The United States is waging an economic war even against Europe

With the public debt of the United States exceeds $ 31 trillion for the first time in history, every American citizen falls under a debt equivalent to $93,000, with an interest rate on debt between 3 and 3.35%, making it difficult to control debt growth.

The significant growth in US debt is due to the large government spending that took place during the first two years of President Joe Biden’s term, after printing about $6 trillion in banknotes and raising interest on the dollar to cover a number of spending policies that the Biden administration had introduced to win the sympathy of voters ahead of the midterm elections to the US Congress next month.

Among these policies are the US bailout, which has so far cost $1.9 trillion, the student loan relief plan, and other plans presented by the Biden administration that could raise the debt by about $5 trillion by 2031.

As debt interest rates rise, it will be difficult for states The United Nations launched development plans to address the structural economic crisis in the country.

This may be one of the factors that made the United States resort to exporting the crisis by entering into conflicts in a number of regions around the world, including igniting the Ukraine crisis.

This crisis, besides that it separates Europe and Russia, which confines the latter to the Asian mainland, and makes the former depend on Washington to ensure its security, it also contributes to cutting off energy supplies from Russia to Europe, noting that the old continent depends on Moscow to secure about 40% of the its oil and gas needs.

This makes Europe also dependent on Washington to secure its oil and gas needs, in light of its inability to find alternative energy sources from Russian sources, knowing that fossil oil and gas produced in the United States cost many times the costs of producing Russian gas and oil, which raises significantly Energy costs in the old continent.

Several European countries, led by Germany, have complained about the high prices of American oil and gas, as the United States seeks to take advantage of the crisis between Russia and Europe to seize Moscow’s share of the European energy market, which partially contributes to solving the economic crisis in the United States, even in the long run short.

Washington doesn’t care about the suffering of its European allies, even if the United Kingdom is at the top of the list of sufferers of energy prices.

In this country, there has been a significant rise in energy bills, which has led British families to change their consumption and eating patterns to save on gas consumption.

According to an article in the Guardian newspaper, British families began to dispense with foods that need to be roasted, for example, to save on the use of domestic gas.

One in four Britons has announced that they have started cutting out roasting and frying to prepare their meals, while a fifth of Britons have begun cutting back on some meals, according to the annual report of the Good Food Nation.

20% announced that they dispensed with the use of ovens in their homes, while another 23% announced that they reduced the use of their ovens in cooking.

The seriousness of this issue lies in the negative impact on the health of British families, who have begun to compensate for healthy meals that require a long time to cook with unhealthy meals that require less time, which threatens to raise the hospitalization and medical bills, and negatively affects the life expectancy in the United Kingdom.

In another report, it was pointed out that a third of secondary teachers are suffering from difficult economic conditions that make them unable to meet their food needs.

A survey conducted by the Independent newspaper indicated that teachers indicated that the economic crisis and the high cost of living negatively affect their ability to perform their duties, which in turn affects the educational level of students in countries where the level of education is still considered among the highest in the world.

In addition, the rise in oil and gas prices prompted Britain to rely more on nuclear energy production by increasing production from its aging nuclear plants, but the problem is that this matter, although it contributes to saving part of the high bill for gas and oil used to produce Electric energy, has other costs of another kind; There is the cost of disposing of nuclear waste resulting from the production process, which is estimated at 260 billion pounds, in addition to the indirect costs of the great environmental pollution that results from these plants, and the major risks to the residential areas near these reactors.

European countries’ efforts to find alternatives to Russian oil and gas haven’t yet yielded results.

On a tour in the Gulf in late September, German Chancellor Olaf Scholz could only secure one shipment of oil and gas from the United Arab Emirates.

The volume of the shipment to be delivered by the Abu Dhabi National Oil Company is 137,000 cubic meters in the beginning of 2023.

This only meets Germany’s needs for a very short period, knowing that Russia, due to European hostile positions, has closed most of the oil pipelines that supply the old continent with oil and gas under the pretext Its maintenance or the presence of malfunctions in it, which indicates that the German winter will be harsh, in light of the trend to ration electricity and heating in a country known for its severe winters.

What Russia didn’t do was ensured by an accident involving the “Nord Stream” pipeline, which was subjected to an explosion that prompted observers to accuse the United States of concocting it to stop Russian oil supplies to Germany, and prompted the latter to accept the purchase of American oil and gas at high prices.

Famous TV presenter in Fox News, Tucker Carlson, accused the Biden administration of being behind the incident, putting it in direct war with Russia, which has a nuclear power.

Carlson relied on European Commission President Ursula von der Leyen’s announcement that the leak in the pipes was an act of sabotage.

Finland, Denmark, Sweden and the United Kingdom all backed the allegations of sabotage, which completely halted Russian oil and gas supplies to Europe.

Carlson noted that President Biden had previously warned of acts of sabotage affecting Russian pipelines to Europe, making him the first accused of giving orders to sabotage.

But it seems that all these measures, including the economic war on the allies, won’t contribute to finding a solution to the structural crisis of the US economy.

So far, it doesn’t seem that US oil and gas can constitute a major source of filling the trade deficit and part of the huge US debt.

As for the boom brought about by pumping the US currency into the market and raising the interest on the US dollar, it seems that it caused a temporary boom that will increase the burden of debt service in the medium and long term.

Even the value of the dollar, which rose against gold and other currencies as a result of the interest hike, doesn’t seem to last long as China moves to take measures to stem the yuan’s decline against the dollar.

Although the depreciation of the yuan against the dollar contributes to the promotion of the export of various Chinese goods to the US market and global markets, the rise in the value of the dollar against the yuan has stirred the nationalist sentiment of the Chinese, whose government has adopted a policy of strengthening the yuan against the dollar for decades.

It is worth noting that China rejects the decline of the yuan against the dollar below the threshold of 7 yuan per dollar, but during the past year, the yuan reached its lowest level against the dollar since 1994.

As a result of raising the interest on the dollar to enhance the purchasing power of the US citizen, global currencies declined, including the yuan, which recorded its lowest level at 7.134 yuan per dollar, which prompted the Chinese government to instruct the managers of Chinese state-owned banks to prepare to sell a large part of its dollar assets to buy the yuan.

This is in addition to the efforts of many major powers, such as Russia, India and China, to dispense with the dollar in their interpersonal transactions, which will lead in the medium and long term to a decline in the value of the US dollar, hollowing out all Biden’s financial and economic measures of their content.