American economist James Galbraith, son of the more famous John Kenneth Galbraith, gave an interview to Dimitris Konstantakopoulos, for Defend Democracy Press. Galbraith “believes Trump will not succeed by his measures to bring industry back to the U.S. or address its other problems, whose roots lie in the financialization and militarization of the American economy over many decades.”
China will contain tariff damages because of its enormous internal market and its scientific and technological basis, but Trump will deal a serious blow to the global economy.
Galbraith laughs when asked to comment on the “European reaction” to the tariffs. The EU is in the worst shape of all due to its own structure, as well as its extreme neoliberal economic philosophy and German ordoliberalism (the teutonic version of neoliberalism, ed.). Things became much worse as a result of the policy of the EU regarding Ukraine which led to Europe losing the access to cheap and credible sources of energy, i.e., Russian natural gas.
“James Galbraith regards with skepticism the ambitious ReArm Europe program, given the differentiation of the armaments industry inside Europe. Galbraith expects it will lead to more imports of arms from the United States, without benefiting the economies of Europe.
“He also questions the necessity of a Rearm Europe program. He does not see any reason for Russia or NATO to attack each other and he believes Europe would do much better by seeking a peace treaty with Russia, providing for no intervention in each other’s internal affairs.”
