Kamikaze Capitalism
The havoc wrought by Western capitalism was first visited upon Asia, Africa, and Latin America. Now, it has returned to its birthplace to claim its final prize.
*Picture: extremely young, unwitting Kamikaze pilots who killed themselves for the benefit of their capitalist overlords
By Karim Bettache
Restricting state power while releasing private power of any constraint was the most short-sighted thing the West has done. It was a gambit that has backfired with catastrophic consequences. The Western world, in its quest for unfettered capitalism, has unleashed a force that it can no longer control—a force that threatens to consume the very societies it was meant to serve. This is the tragic tale of a civilization that has sown the seeds of its own destruction, blinded by a misguided belief in the inherent benevolence of market forces. The bill for this folly is now due, and the cost may be our collective undoing.
The European economy, with Germany at its industrial heart, now stands ravaged by the relentless assault of global financialized capital. The oligarchs, the true puppeteers of this economic devastation, have orchestrated a campaign of economic warfare, intensifying since the ignition of the Ukraine conflict and the subsequent sanctions against Russia. This systemic strangulation of Europe's manufacturing prowess is not just an attack on Germany but a siege on the entire continent's economic vitality.
The descent has been precipitous. Once the paragon of economic success, Germany's economy now languishes, a shadow of its former self. The country's vaunted manufacturing sector, the engine room of Europe's economy, has been systematically dismantled by the twin juggernauts of high energy costs, exacerbated by sanctions on Russian energy, and a zealous over-commitment to green energy policies. These forces, combined, have triggered a calamitous de-industrialization.
The narrative of this decline is now so stark, so glaring that even the mainstream media, the clerics of the status quo, have been forced to acknowledge the crumbling façade. German automakers, once titans of the industry, now produce nearly 40% fewer vehicles than a decade ago. The country's industrial production spirals downward, marking its sixth consecutive month of decline. The entire European economy teeters on stagnation, growing at a feeble rate of less than 1%, while the United States, the orchestrator of this chaos, boasts a growth rate over triple that figure.
The United States' increasing stranglehold over the European Union, particularly in the realm of energy security, is no accident but a calculated move. Under the guise of sanctions against Russia, the U.S. has tightened its grip, forcing Europe into a dangerous energy dependence. Then, as if to twist the knife, restrictions on selling liquefied natural gas to the EU were introduced, plunging the energy crisis into deeper turmoil.
We cannot overlook the sinister destruction of the Nord Stream pipeline, an act likely conducted at the behest of the United States, which has only further crippled Germany's energy resilience. The infrastructure upon which businesses rely is in disrepair, with four out of five German companies decrying its inadequacy.
This is not merely a tale of economic misfortune but a deliberate act of sabotage. America, with the complicity of EU officials and politicians who have aligned themselves with the oligarchs of global capital, is methodically cannibalizing Europe. The populations of the West, already exploited, now face the ultimate degradation—becoming disposable in the eyes of predatory capitalism.
The Old is Dying and the New Cannot be Born
This is the terminal stage of a system crafted by Western elites, a system that sought to unshackle the beast of capital, freeing it from any social obligation or restraint. The state, now impotent to regulate the private sector's rapacity for profit, watches as the beast it unleashed now devours its own.
The West, intoxicated by its so-called "enlightenment," proclaimed the virtues of unfettered capitalism. Yet, the havoc wrought by this ideology was first visited upon Asia, Africa, and Latin America. Now, it has returned to its birthplace to claim its final prize. The catastrophic consequences of this failed experiment in modernity have come home to roost.
What the West requires is a new Reformation, a radical re-imagining of society that benefits the many, not just the oligarchic few. But entrenched in its own flawed assumptions, Western civilization appears incapable of effecting such a transformation. Paradoxically, it is the Islamic, Confucian, and other civilizations of the Global South, with their deeply ingrained principles of equity and respect for human dignity, that may offer the insights necessary for Western rejuvenation. However, the West, ensnared by its own hubris and entrenched aversion to these cultures, fails to recognize the very philosophies that could be instrumental in its renewal.
Without profound societal introspection, the West is destined to plunge further into the abyss of savagery. Inequality will burgeon, and as resources dwindle, savage conflicts will erupt. The West, entrapped in a cycle of self-destruction, chooses delusion over the stark reality of its predicament.
Collapse seems not just likely, but inevitable. Only by embracing the principles of justice, human dignity, and a genuine regard for the common good, can Western society hope to evolve. But the West clings desperately to its hollow slogans of freedom, recoiling from the very enlightenment it purports to champion. Oblivious to the impending chaos, the West is on a collision course with a future it is woefully unprepared to face.