When the war in Ukraine began, Western officials bragged that they were going to “turn the ruble into rubble” and bring Russia to its knees. Seven months later, as the war and sanctions drag on with no end in sight, it’s the Euro that is turning to rubble and Europe being brought to its knees. It turns out sanctioning your largest gas supplier with no alternative in place, following years of stagnation and an economy-destroying pandemic, isn’t a great idea. 

To discuss the economic fallout for the Europe and the impact it’s having under neoliberalism, Rania Khalek was joined by Prahbat Patnaik, Marxist economist, Professor Emeritus at JNU, and author of “Capital and Imperialism: Theory, History, and the Present,” co-authored with Utsa Patnaik.

Articles discussed in this episode: 

https://www.newsclick.in/Why-US-Cut-up-With-OPEC-Decision-Cut-Output 

https://www.thenorthlines.com/opecs-decision-to-cut-oil-output-is-a-challenge-to-us-hegemony/ 

https://www.telegraphindia.com/opinion/the-crisis-within-ascendancy-of-neofascism-and-how-to-counter-it/cid/1890382

https://peoplesdemocracy.in/2022/1009_pd/acceleration-eurozone-inflation-rate