Economic problems caused by the war in Ukraine have had very substantial political consequences. Over the past 18 months, more than a third of European Union governments have fallen.
In 1919, John Maynard Keynes was a young economist with the British delegation negotiating the Versailles Treaty. Keynes strongly objected to the harsh economic treatment being meted out to Germany. He resigned and went home to write"The Economic Consequences of the Peace," which accurately predicted how the treaty would sow the seeds for future conflict.
Between February and May of 2022, the OPEC basket oil price rose from $75 to $125 per barrel. During the same period wheat prices in Germany increased from $350 to $530 per ton. Germany had imported half of its natural gas from Russia. According to the Center for Global Energy Policy, last year the cost of heating the average German single family home went from $1,500 to $5,250.
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