This is an interesting take, agree with it. I would add that with Euro elites openly calling for military conscription and prepping for conflict with Russia, (Unbelievable but true, esp given the history and the pathetic state of most euro armed forces, EU and non EU), Europe is a highly risky investment case on top of policies that seem designed to reduce economic growth.... If you were allocating capital on a global scale, I reckon you would not want to invest in Europe when you could move your money to a much safer and more business friendly environment in the US...