Heiner Flassbeck, honorary professor for economics and politics at Hamburg University and former state secretary in the German Federal Ministry of Finance, discusses the way in which Western countries have failed to integrate Eastern Europe including Russia over the past 30 years.
ADD old man
It’s not the West’s responsibility to build up Russia. Wtf is this guy even saying. Next he will say we need to build up China.
It’s these same appeasement policies he is advocating that led to Putin’s tsarism in the first place!
Maybe if Russia spent less money on militaristic expansionism and more on stimulating the economy, then that would lead to better results.
@alefandrita America was 100% right about Nordstrom 2 and now after Russia’s continued malign and aggressive behavior, even all the European governments agree trading with Russia was the biggest mistake ever.
@Farzana 🇺🇸 I studied Energy Management in Germany and the teachers from several EU countries said that they didn’t like Russians but they had to admit that Russians had proven to be reliable providers. Indeed, they have been making oil/gas long term agreements with them without any problem for decades. Actually, at very good prices. Germany needs a lot of gas to compensate the intermittent renewable energies and have a successful energy transition (that means, less CO2 to the atmosphere). That’s why that country, together with Russia built Nordstream 2. It was both countries decision, not an imposition from Russia. It shouldn’t be the US business. Please stop thinking the US is the world savior. Each country has the right to decide.
But now, the US “saviors”, that supported the coup in 2014 in Ukraine, where an awful corrupt antidemocratic government took over, are happily selling their LNG 40% more expensive to the EU. It’s amazing how everytime the US is meddling in some business or territory, it’s to make things worse (of course, not for the US but for the rest of the world). I hope one day you’ll stop thinking that the US has the right to interfere in the other countries businesses or conflicts and reflect on what that country has done so far in terms of foreign relations.
Everything this man said was true.
EU needs two zones, two currencies, weaker ones in a weaker block, stronger ones in another block. I reckon that would help economic development in Eastern Europe.
An easier way was just to follow the euro inflation target. Which equalizes purchasing power and stops, competition of nations.
This was followed in the beginning until Germany cut its wages, and undercut all European countries. While south Europe increased its wages, but has already corrected themselves about 10 years ago.
I said this before. When they realized all the natural reserves in Ukraine, they pushed this NATO and coup hard.
If they control Ukraine, they can supply Europe with enough Fuel & Food. But that’s only East Ukraine, which is traditionally Russian.
West Ukraine is more or less worthless in the grand scheme
That is not true. Poland is a success story by any measure. They have a high tech sector and before the war people are immigrating to Poland
Polands economy is mainly dependent on German money.
what world you live in. all the young professional Poles i’ve met work outside of Poland.
@will engel That will change dont worry.
I hope that once Ukrain comes to us, the plan we provide to rebuild ukraine will hopefully swap over to the eastern countries.
Greetings from Austria🇦🇹🇪🇺
They are growing but their productivity is very low and is fueled by foreign investments and Statedebts. But too many things are still imported.
Well he was honest, no butter polish
Western Europe mostly are imperliast. Meaning a friend is a friend with benefits. unfortunately Eastern countries have little benefits
Hence only Eastern European countries accept refugees from Ukraine. Is this western love?
@Sharann the fact is the majority of Ukraine people are in Poland not in Germany. Why?
@Sharann proof what you said.
The newscaster cant take the reality thats it is the failure of the west.
The reporter should have acted more professional and allow Mr Flassbeck to speak …
Come on productive capacity come from entrepreneurship, support of industrial, now the sanction on russia is very good as it for russia to develop its own capacity of production to transform in russia raw material from russia..
You have massive entrepreneurship in developing countries as they are forced to, but it’s not what’s bringing them wealth. It was massive government investments and raising wages in line with national productivity growth year by year. That’s how every western country grew including South Korea Singapore Japan and China.
But agree with your second point, the Sanctions opens up for Russia a a good opportunity to develop its own economy.
no our companies become more and more weak china took them all. see GM, now they are just distributor of choina produce, go see wallmart in USA 92% of products there come from china, we exported 6000 industrial plans and millions of industrial workers, cost of production in USA to hign over regulation over bureaucracy is killing western world, and it become worst every year
Western world order is crumbling. America needs to fix this by teaching China, Russia, India and ASEAN a lesson.
everything comes to one answers…
is to boss around or be foolish it bring you down
Good . Where can I access the full interview?
Wow this is some real talk…!
Honest comments!
The US and allies target Russia and countries that operate independently with sanctions, shorting their markets and currency etc. The Ruble should be around 30 to the USD but it is always under valued. Russia should have looked east a long time ago. It would have been much more developed.
Exactly, in 2014 investors pulled out of Brazil and the R$ fell strongly, almost half against the dollar but the economy was still good. This are coordinated attacks on country’s who grow to strong and need to be halt back. India, Indonesia and Brazil where all under this currency attack and lost lots of valeu. Now investors are returning to Brazil to save their ass because Euro is falling and EU economy’s are not doing well. It’s all a sett up to weaken at will.
@Birdy Flying Yep, Turkey is another one. When they purchased the S400, months later the Turkish Lira started tanking. This is why China hasn’t opened up its capital markets fully. The digital Yuan is the game changer, if adopted fully it will allow China to open up and monitor unusual currency activity ie major short selling.
All the Eastern European former communist countries, were tricked to become members of EU, and of NATO, and now they’re paying the price to loose they independence and internal political system. The west will never wanted them to prosper, but to make money and rip them off as best they can ( Brussels style ). Colonial countries were from west of Europe not from the East of Europe, the like: Portugal, Spain, UK, Germany, France, Holland, Belgium, they colonized countries and make them poor, and that is the same now from countries from Eastern Europe unfortunately. The strategy is to control and rule with a iron fist trough EU laws and regulations, trough NATO as a NATO territory and a force to listen and obey. That it.
The “reporter” tries to defend a narrative and does not like the answers. Typical cooperate attitude toward lighting issues. General public start to understand that “MSM” is not media but are simply pushers of narratives in cooperation with governments, of large institutes (banks).
interesting outlook.
now i see why germany dominates the economy of the smaller eu countries.
dont know if that is sustainable on the long run
he spoke the truth. eastern Europe is not more than supplier of commodities, cheap labor, and women to its western counterparts.
The absolute advantage is the strong arm of NATO military power extended and threatening. Plus, the US uses the financial system to suppress any that try to do well.
Portugal, Greece, Spain, Italy have all been part of the EU for way longer and they are still in the shit hole….
Ministry of finance must have a virtual equity bank for adjustments.
Inflation can be reduced by subsidy.
Drama
The only Economic integration of the Eastern European is to provide cheap labour to the Western European to maintain their wealth and life style. Eastern European are merely their poor European cousins. No ?
Romania is also catching up big time
Do you mean gypsies or entire country..😂😂😂
@Slobodan Paunovic That`s a bit racist.Won`t lie…. our Gdp is growing like magic. We have one of the biggest IT sector in Romania from central and eastern Europe.
@Jhanic Satori you have nice tennis players, she is VLAINA..
This is one of the best economist in the World, worth checking up his work and speeches, especially as head economist in UNCTAT. He predicted a lot of these problems of today.
Is there a longer version of this interview
Good man