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Business Times
16-05-2025
- Business
- Business Times
Europe can't rearm its way to security
[LONDON] As Russia's war on Ukraine rages on Europe's eastern frontier, the continent's leaders are finally willing to admit they have the power to revive their ailing economies. After decades of austerity, they are ready to spend again – but not to end poverty, accelerate decarbonisation, or reverse the collapse of essential public services. Instead, Europe's fiscal firepower is being directed towards tanks, missiles and fighter jets. Reorganising the economy around state-supported defence spending is known as military Keynesianism, though John Maynard Keynes – who rose to prominence by condemning the punitive post-World War I peace treaty that was imposed on Weimar Germany, which ultimately helped set the stage for Hitler's rise and another war – would probably not have endorsed the term. The reasoning behind the resurgence of military Keynesianism is not entirely without merit, as the pursuit of austerity policies has left many European economies punching below their weight. European productivity, which has grown at half the pace of the United States over the past decade, declined by 1 per cent in 2023. Real wages fell by 4.3 per cent in 2022 and 0.7 per cent in 2023, following a decade of stagnation. Meanwhile, investment is nowhere near where it needs to be to tackle the twin crises of inequality and climate breakdown. Europe's self-defeating commitment to austerity is epitomised by the German doctrine of 'schwarze Null' ('black zero'). Even when Germany's economic miracle was in full swing, politicians refused to invest in long-term growth. As a result, Germany – like most of the continent – has suffered from chronic underinvestment in physical and social infrastructure, constraining productivity. Against this backdrop, rearmament may look like an easy fix. Unlike social expenditure, defence spending faces little political resistance. It enables politicians to appear tough – a valuable asset in an age of strongman politics – and keeps the arms industry, a powerful lobby with deep ties to political elites, flush with public money. But military Keynesianism is a dead end – both economically and politically. For starters, it's a weak engine of long-term growth. Modern weapons production relies on advanced manufacturing processes that use relatively little labour, so the industry has low multipliers compared to investments in health, education or green energy. It creates fewer jobs per euro spent and contributes little to the broader economy's productive capacity. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Military Keynesianism also deepens Europe's dependence on fossil fuels, given that modern militaries are among the planet's largest institutional fossil-fuel consumers. Expanding defence capabilities means locking in demand for carbon-intensive technologies at a time when Europe should be phasing them out. Worse still, prioritising defence over decarbonisation sustains the very system of petropolitics that gives regimes such as Russian President Vladimir Putin's the resources to wage war in the first place. As the Guardian reported earlier this year, the European Union has spent more on Russian fossil-fuel imports over the past three years than it has on financial aid to Ukraine. If the EU is serious about defeating Russia – not just on the battlefield, but geopolitically – then the bloc must confront the real source of the Kremlin's power: oil and gas exports. Russia, after all, is a petrostate, and its war machine is financed by the revenues that flow from Europe's addiction to fossil fuels. Oil and gas revenues have accounted for 30 to 50 per cent of Russia's federal budget over the past decade and still represent roughly 60 per cent of its export revenues. These industries provide the vital dollars that enable Russia to import military technologies and other critical inputs. Without that income, the Russian economy would quickly collapse under the weight of hyperinflation. The most effective long-term strategy for countering Russian aggression, then, is not to ramp up military spending but to accelerate the green transition. What Europe needs is a real Green New Deal: a democratic, continent-wide mobilisation to decarbonise the economy, ensure energy security, and create millions of well-paying green jobs. To be sure, this would require massive investment in renewable energy, public transit, retrofitting, and industrial electrification. It would also mean reshaping supply chains, restoring public ownership of key infrastructure, and breaking the stranglehold of fossil-fuel capital on European politics. But a Green New Deal would do more to strengthen the EU's geopolitical standing than any number of new tanks and artillery shells. A Europe that produces its own clean energy, builds resilient green industries, and reduces its dependence on volatile global commodity markets is a Europe that cannot be held hostage by petro-tyrants. Europe's political elite faces a stark choice: continue propping up a broken growth model by funnelling public money into the military-industrial complex, or invest in a livable future rooted in solidarity, sustainability and democratic control. In the long run, building an inclusive green economy is the only way to counter the rage and alienation fuelling the rise of far-right forces – the greatest and most immediate threat to Europe's democracies. PROJECT SYNDICATE The writer, a former research fellow at the Institute for Public Policy Research, is the author of several books, including Vulture Capitalism: How to Survive in an Age of Corporate Greed (Bloomsbury Publishing, 2024) and The Corona Crash: How the Pandemic Will Change Capitalism (Verso, 2020)
Black America Web
02-05-2025
- Entertainment
- Black America Web
Ryan Coogler's ‘Sinners' Will Returns to IMAX
Black America Web Featured Video CLOSE Source: Warner Bros. Pictures / Warner Bros. Pictures Ryan Coogler's 'Sinners' Will Returns to IMAX After a strong theatrical run, Ryan Coogler's latest film Sinners is making a grand return to select IMAX theaters for a limited 70mm re-release, starting May 15 through May 21. Originally released over Easter weekend on April 18, Sinners has already pulled in $48 million and continues to perform steadily at the box office. Now, Warner Bros. is giving fans another chance to experience the film the way it was meant to be seen — in full-scale 70mm IMAX. The re-release will run in nine IMAX locations across North America, including theaters in Los Angeles, Irvine, New York City, San Francisco, Indianapolis, Phoenix, Fort Lauderdale, Dallas, and Toronto. 'We heard the audience loud and clear,' said Jeff Goldstein, President of Global Distribution at Warner Bros. Pictures. 'This is the kind of film that truly deserves to be seen on the biggest screen possible. Ryan crafted Sinners with IMAX in mind, and we're thrilled to offer moviegoers the opportunity to immerse themselves in it again — or for the first time — in 70mm.' Set in post-World War I Mississippi, Sinners follows twin brothers — both played by Michael B. Jordan — who return home only to find themselves face to face with a deeper, more sinister threat. The film also stars Hailee Steinfeld, Delroy Lindo, Wunmi Mosaku, Jayme Lawson, Omar Miller, Jack O'Connell, and Miles Caton. Written and directed by Academy Award nominee Ryan Coogler, the film has drawn critical acclaim and industry praise, with Spike Lee calling it a genre-defying masterpiece. 'Ryan created something completely new. I don't even know what to call it — it's not just horror. But it's something we really need right now,' Lee said in a recent podcast appearance. In a letter to fans, Coogler reflected on the purpose behind the film. 'This was always meant to be a story for audiences, inspired by my family and ancestors,' he wrote. 'We made this with the theater in mind, knowing the emotional and communal power of the cinematic experience.' He continued, 'Your response to this film means everything. It's a reminder of why we do what we do. Maybe together, we can even reshape what a blockbuster looks like — and who it's made for.' RELATED: sinners Ryan Coogler's 'Sinners' Will Returns to IMAX was originally published on
Bloomberg
24-02-2025
- Business
- Bloomberg
Summers Calls US Demands in Ukraine Talks ‘Beyond Versailles'
Former Treasury Secretary Lawrence Summers denounced the pressure being applied by the Trump administration on Ukraine to turn over a share of its natural resources to the US, drawing a sharp distinction with American traditions in past major conflicts. 'What the Trump administration seems to be proposing — and to be fair, we have not seen all the details — is a Versailles-like agreement imposed, not on aggressors, but imposed on the victims of aggression,' Summers said on Bloomberg Television's Wall Street Week with David Westin. He was referring to the post-World War I Treaty of Versailles, which imposed strict financial and other penalties on Germany and is widely viewed as ensuring the inevitability of another major war.
Express Tribune
30-01-2025
- Politics
- Express Tribune
Acrimony over the right to Indus water
Listen to article Punjab's allocation of an estimated budget of Rs211 billion for the construction of canals to channel water from the River Indus to the Cholistan region in South Punjab has sparked controversy. This project has raised alarm in Sindh, where residents fear catastrophic consequences for the province's 60 million inhabitants, who are already grappling with water shortages. Beyond irrigation concerns, the construction could harm local flora and fauna and exacerbate soil salinity. The plan has also triggered apprehension in Khyber-Pakhtunkhwa. Before discussing the rights of provinces over historic water usage, it is pertinent to note that the River Indus originates from the mountain springs northeast of Mount Kailash in Western Tibet. Flowing northwest through Gilgit-Baltistan, the river passes through Hazara Division and District Swabi in Khyber-Pakhtunkhwa. The Kabul River joins it at Khairabad, Nowshera (Khyber-Pakhtunkhwa), after which it flows southward into Punjab. The Panjnad River (formed by the Chenab, Beas, Jhelum, Ravi and Sutlej rivers) merges with the Indus at Mithankot. The conflict over the Indus River's waters dates back to the post-World War I era, involving disputes between Punjab, Sindh, Bahawalpur and Bikaner states. The British government initially acted as arbitrators to manage these disputes. However, tensions resurfaced after the partition, not only between India and Pakistan but also among Pakistan's federating units. Although the Indus Waters Treaty (IWT) of 1960, brokered by the World Bank, resolved disputes between India and Pakistan, it sparked new controversies within Pakistan. Under the treaty, Pakistan forfeited its rights to the Sutlej, Beas and Ravi rivers, upsetting the balance between water demand and supply. This loss created persistent tensions among Pakistan's provinces, straining the federal structure. The Constitution of Pakistan temporarily addressed provincial disputes over water through the Water Apportionment Accord of 1991. Signed by all four provinces, the Accord established allocations and a distribution mechanism for Indus Basin water. Its key features include: a) Protection of existing canal water usage in each province; and b) Apportionment of surplus river supplies (including floodwaters and future storages) among provinces. The Accord allowed for minimum water flows into the sea and stipulated that surplus or shortages would be shared among provinces. The agreed distribution was: Punjab 69.03 km³ (55.94 MAF); Sindh 60.17 km³ (48.76 MAF); Khyber-Pakhtunkhwa 7.13 km³ (5.78 MAF), plus 3.00 MAF from ungauged canals above rim stations; and Balochistan 4.78 km³ (3.87 MAF). The remaining river supplies (including floodwaters and future storage) were to be distributed as follows: Punjab and Sindh (37% each), Khyber-Pakhtunkhwa (14%) and Balochistan (12%). Total allocations under the Accord amounts to 141.11 km³ (114.35 MAF), plus an additional 3.00 MAF above rim stations. Despite the allocations, Khyber-Pakhtunkhwa remains unable to fully utilise its share. The province is allocated 8.78 MAF annually but uses only 5.97 MAF, leaving an unused resource of 2.81 MAF due to insufficient infrastructure. This issue was highlighted in the National Water Policy of 2018. The federal government had committed to approving the CRBC Lift-cum-Gravity Project for Khyber-Pakhtunkhwa, but the project never materialised. Furthermore, the federal government has failed to provide funds for its share of this Public Sector Development Program (PSDP)-financed project, perpetuating inequitable treatment of provinces. Consequently, Khyber-Pakhtunkhwa loses approximately 34% of its due share annually, as per the 1991 Water Accord. To ensure fair distribution and resolve disputes, the Indus River System Authority (IRSA) was established as a regulatory body. If grievances remain unresolved, disputes can be escalated to the Council of Common Interests (CCI). The Constitution of Pakistan, under Article 155, addresses complaints regarding interference with water supplies. It provides a mechanism for resolving disputes concerning hydro or thermal power station construction. Article 155 states: "If the interests of a Province, the Federal Capital, or the Federally Administered Tribal Areas, or any of their inhabitants, in water from any natural source of supply or reservoir have been or are likely to be affected prejudicially by: a) any executive act or legislation taken, passed, or proposed; or b) the failure of any authority to exercise its powers with respect to water use, distribution, or control from that source, the Federal or Provincial Government concerned may file a written complaint with the Council." Upon receiving such a complaint, the Council may render a decision or request the President to appoint a commission of experts in irrigation, engineering, administration, finance or law. This commission will present its findings, after which the CCI must record its decision on the matter. Both federal and provincial governments are then constitutionally obligated to implement the Council's decision faithfully. The constitutional framework and the 1991 Accord emphasise that contentious issues like water disputes must be resolved through mutual deliberation. Federalism provides mechanisms for the equitable collection and distribution of natural resources. Any deviation from these principles could encourage centrifugal tendencies, undermining national unity. In this context, no province should unilaterally decide on the use of the River Indus's waters. Adhering to the Constitution and respecting federal arrangements is crucial to maintaining harmony among Pakistan's federating units. Let us uphold the principles of federalism that bind our federation together.
