Economist Steve Hanke reproached Biden for the policy of “drunken sailors”.
Economist, professor, founder of the Johns Hopkins Institute of Applied Economics, Steve Hanke, in an interview with the media, said that Russia, of course, will face monetary losses from the restrictive measures of the West, but their initiator will suffer even more.
In an interview with Asia Times, the analyst said that the counterproductivity of restrictive measures against Russia is already obvious. They did not achieve the main goal of changing the behavior of the Kremlin.
At the same time, the price of sanctions for the world, including the countries of the European Union and the United States, is high.
This is partially evidenced by the assessments given by investment banks, the IMF, and NGOs of various kinds. And this is only part of the analysis of the situation.
According to Hanke, such an analysis is random, and is the tip of the iceberg.
“These estimates… indicate that the costs associated with sanctions will be staggering”, – the economist believes.
According to him, Moscow’s costs pale in comparison with the scale of losses for the EU. The European Union will incur costs greater than the United States, but not only European countries and the United States will suffer.
Losses will affect the whole world, and a heavy burden will fall on poor countries and poor peoples, Hanke believes.
The professor pointed out the particular danger from bans on Russian energy resources, which will have an extremely negative impact on all European countries. Hungary will be an exception.
As Hanke pointed out, bans on Russian energy resources and their transportation will have a very negative and serious impact on EU countries, with the exception of Hungary.
Recall that after Brussels announced its intention to completely abandon Russian fuel, Budapest said that it would agree to such a thing with a guarantee of oil and gas supplies.
Hanke also spoke about the consequences of such an economic policy for the United States itself, which will also not be unscathed. The professor stressed that the fuel market of the whole world is being Balkanized and politicized, the principle of free supplies of the last 40 years will go away. As a result, each participant in the process will pay more.
He also criticized President Biden, who had previously blamed Russia for rising inflation in the United States. Hanke, on the contrary, believes that it was the president’s policy that provoked the fall of the dollar, his administration during the pandemic printed and spent money like drunken sailors, the professor believes.
Earlier, Topnews wrote that the US Foreign Ministry imposed personal sanctions against 61 citizens of the Russian Federation. Before that, last week, the EU approved a new sanctions package, which included an oil embargo.