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No, it's like if the bill came due and instead we put it on a credit card and also ordered 6 extra porches on our other card.

Neoliberalism and globalization were the state ideology of the American empire, of which the EU (was) a part, so of course they’re experiencing the same. They’ll now either re-align themselves with China (who capitalized best on the prior era) or face a similar fate.

How would realignment with China help EU? EU has the same systemic issues as the US, the o lot difference is a better (for now) social safety net, eg healthcare and unemployment.

Not really. Just authoritarian scooping up capital, same as always after the end of hegemony. Next come the dark ages. I'm not sure it was ever as deliberate as Trump's losses.