The head of BlackRock compared the situation in the economy with the Second World War

Thomas Donilon, chairman of the world’s largest investment company BlackRock, compared the current situation in the global economy and geopolitics with the situation during the Second World War. The text of his statement is reproduced in BlackRock’s final report “Global Perspectives 2023”. Against the backdrop of a military conflict, the world has been divided into political blocs opposing each other at the cost of economic efficiency, Donilon writes.

A policy that forces a reorientation to internal sources is often unprofitable for business: the reallocation of resources has already led to a shortage of supply. Western sanctions imposed on Russia after the start of the NWO in Ukraine have provoked a race of economies for self-sufficiency. Energy security has become a priority: after Europe cut itself off from Russian oil and gas, energy shortages and rising prices began to be observed. In the United States, there is a desire to give preference to trading partners in the search for metals and materials necessary for the transition to zero emissions.

At the same time, the intensity of strategic competition between the US and China has increased. Tough confrontation with the PRC finds support in both American parties. In particular, the US is trying to limit China’s access to high technology.