Under the leadership of Emmanuel Macron and Olaf Scholz, the EU agreed to sanction Russian cheap energy, needed to build a contemporary EU economy, so the EU is standing still.
The USA introduced outrageous (100 percent) custom duties for political reasons, the USA companies are protected from global competition by these custom duties, and discouraged from cooperation, and so the USA is standing still too, burning borrowed money.
The Global South under leadership of China and Russia is moving along nicely.
Basically, the plan of Biden, Scholz and Macron was the same. To limit the availability of fossil energy and thus increase its prices. Make citizens pay for the switch to solar and wind power. Citizens refused to pay because they found energy price-induced inflation too high and the switch to solar and wind power itself too expensive. Hence the political turmoil. The governments of Biden, Scholz and Macron are lost. If Trump is elected, and stops the conflict in Ukraine, lifts sanctions on Russia, then energy prices will fall, the whole West will recover. Europe will also recover, making it harder for China to compete with the West.
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