"One casualty is obviously going to be Europe and the euro. The euro has been plunging in value day after day after day, as people realize that it’s lost its export markets in Russia and much of Asia, and now at home, too, because exports require energy to be made. Its costs of imports are going up, especially energy. It’s agreed to use, I think, now $3 billion to build new port facilities to buy US natural gas—liquified natural gas at three to seven times the price that it’s paying now, which will make it almost impossible for German firms to produce fertilizer to grow crops in Germany. The euro’s plunging." https://www.nakedcapitalism.com/2022/05/michael-hudson-talks-with-katie-halper-and-aaron-mate-about-the-broader-ramifications-of-the-us-nato-conflict-with-russia.html?source=patrick.net
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