Sometimes visual representations help to understand a fundamental problem. The attached chart shows how the major economies of the eurozone have been systematically left behind by the US in terms of productivity growth since the introduction of the euro.

The centralization of political decision-making processes in Brussels and the ECB's fatal monetary policy, which only serves the purpose of financing the growing state apparatus and its bureaucracy, have left gaping holes in the productivity growth of the private economy. It can be assumed that the Keynesians in the capitals of the eurozone, who are still convinced that they can steer an economy centrally, will now massively loosen monetary policy and fuel government deficits to finance their strange initiatives and projects, which in the end will help to squeeze the private sector further and further.

The panic in the Eurozone capitals is palpable, the strange escalation attempts of the Ukraine war are a symptom of a failed attempt at global governance of a complex economy that is now slowly but surely coming to terms with the fact that the entire path of green transmission was nothing more than a failed attempt to escape this trap. Next steps are price and capital controls, which are supposed to prevent the eurozone from bleeding to death, but will have the opposite effect!