Friday July 3, 2015
One notable consequence of the Ukraine conflict and the ongoing confrontational stand-off between the West and Russia is the dramatic surge in military spending among several European countries.
However, this unprecedented militarisation of economies across Europe portends a disastrous Greek-style future of crippling debt for these same countries. Those most at risk from a future hangover of military overspend in the years ahead include the Baltic states, Poland and the Scandinavian countries.
This outcome may indeed explain why Washington and its closest NATO allies have embarked on what appears to be a reckless geopolitical confrontation with Russia. The tensions being stoked from the alleged Russian threat – mainly by Washington – are in turn leading to lucrative weapons sales for the Pentagon and its military-industrial complex.
NATO Secretary General Jens Stoltenberg recentlyassured that the US-led military alliance “would not get dragged into an arms race with Russia”. But that’s exactly what appears to be underway, at least for the eastern European and Scandinavian members or partners of NATO.