 | Oilwatch Monthly - March 2008 | The Oil Drum: Europe | France and Italy: is nuclear power the way for energy independence? |  |
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If you think being solvent or insolvent makes a difference then you simply did not understand what I wrote.
I'm not sure I understand it, either. At face value, the Eurozone as well as the EU as a region without trade deficit, and still strong internal manufacturing output, seems rather different from the credit-dependent US economy.
Or, do you mean it on the longer term, do you mean its fossil fuel dependency? On that I'd agree, the EU is not better on that presently. However, the EU (or at least some of its members) are ahead in the development and installation of renewables, as well as sustained energy efficiency measures (say in building codes). In my opinion this puts it potentially in a better position when supplies are shrinking, though a lot depends on the timescales.
Yes I mean on the longer term. Short term solvency in fiat currencies based on infinite growth is not all that important. One reason I think the US has no problem running its currency in the ground. TPTB know its dead and are milking it for all its worth. I don't agree with the approach but if your goal is a third world economy then the US is going to win big over Europe. Europe won't be able to compete with the new poor in America willing to work for nothing. Europe is going to have to deal with the rest of the world opting for a small wealthy class and a large poverty stricken working class.