War and sanctions boomerang home.
France’s President Emmanuel Macron, a former banker, warned that “we are living the end of what could have seemed an era of abundance,” calling it “a kind of major tipping point or a great upheaval.”
Western wars and sanctions are boomeranging back at home. The neoliberal phase of capitalism is collapsing.
Neoliberalism has lost the key pillars it was built on: cheap energy and raw materials from Russia, cheap labor and consumer goods from China, an unsustainable bubble of household debt, low to zero interest rates, and Washington’s ability to organize regime-change operations in any country where a government tried a socialistic or state-led economic model.