Russian Gas ban - A problem for Europe or suicide for Russia?

[Argoo]

A few days ago I read the news in the local information media regarding the prohibition of Russian gas and price restrictions. In the end, Vladimir Putin replied to what had narrowed him down by deciding on a decree banning oil and oil products for countries that agreed to price limit decisions. The countries that include the European Union and the G7, previously on December 5, the G7 countries agreed to limit the price of Russian crude oil to $ 60/barrel, the decision was made before 27 European Union countries agreed to limit prices.
Russia's decision to stop oil exports to Europe and the G7 countries will be a countermeasure that will take effect from 1 February to 1 July 2023 or for five months. The ban applies to all stages of supply up to the final buyer, but Putin can lift the ban in certain cases.

Putin's ban will make world oil prices heat up even more as a result the inflation rate which continues to be suppressed by the world bank through interest rates will continue to increase.

What might happen to Europe if this actually happened? will Europe be worse?

The transitional period after the refusal of European countries from Russian energy carriers is difficult, no one hides this, but Europe is getting out of this situation with dignity. More gas is pumped into EU storage this winter than it consumes. So, in Germany, the filling of gas storage facilities is almost 90%, in the EU as a whole - 83%. A year ago it was even 30% less. And this was one of the key factors behind Putin's decision to go to war in Ukraine. He believed that the European Union without Russia in any way. But it turned out that dependence on Russia blocks the path to the future and kills Europe like an old drug addict, and also allows the Russian mafia to earn money.

The price of gas in the EU has also fallen below pre-war levels. A warm winter has already partially solved the problem of gas for the next winter, because in the middle of winter they began to pump more gas into storage facilities than they consume - and this is in the middle of winter!

This year can and should be the end of Russia as an energy empire. Europe as a sphere of energy influence of the Russian Federation will no longer exist. The energy year is off to a good start.

European natural gas prices have eased as persistently warmer-than-usual winter weather dampens demand and reduces strain on the region's energy systems. Gas prices in Europe have accelerated the pace of decline to more than 7%, dropping to $785 per thousand cubic meters

The return of stronger winds in parts of Europe is also helping to reduce the need for gas for electricity generation. Nearly record-breaking wind power is expected to be produced in Germany. It looks like Putin's plans have failed completely.

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[Sithara007]

In this regard, the question arises about the future of the European economy...

What will the European countries do?  Produce exclusively agricultural products? 

However, in European countries there are no black earth fertile lands. 

Actively develop tourism?  Yes, there are a lot of temples, palaces and other monuments of cultural heritage in Europe.  However, the Covid-19 coronavirus pandemic has shown how easily stable tourist flows disappear. 

The deindustrialization of Europe, in my opinion, is a very big blow to the European economy.  This raises the question of the future of all European culture. 

It is possible that humanity in general is threatened with a civilizational rollback, since European culture is the foundation of all modern human civilization.

I never said that Europe is not a good place for all types of industries. What I meant from my previous post is that Europe needs to shut down some of its energy intensive industries, and concentrate more on sectors that need less energy - such as IT, medicine, electronics and pharmaceuticals. Industrial sectors such as heavy engineering, mining, automobiles and metals have no place in Europe. Energy intensive industries need a combination of cheap labor and affordable energy. Europe doesn't have either of these two.

[Cryptock]

I never said that Europe is not a good place for all types of industries. What I meant from my previous post is that Europe needs to shut down some of its energy intensive industries, and concentrate more on sectors that need less energy - such as IT, medicine, electronics and pharmaceuticals. Industrial sectors such as heavy engineering, mining, automobiles and metals have no place in Europe. Energy intensive industries need a combination of cheap labor and affordable energy. Europe doesn't have either of these two.

but there is a down fall of every country - and now European countries has also experienced this.
Those in my country - people want to go abroad. And those who are abroad are coming back to their homeland. There is chaos everywhere and people are running and in trouble all the time.

[og kush420]

In this regard, the question arises about the future of the European economy...
What will the European countries do?  Produce exclusively agricultural products? 

The biggest hit will be on regular people. Something like what happened to US, the 1% controls all the money in the world and middle class is eliminated while everyone falls to lower class. That 1% will remain "European" while their business (all their factories and production) takes place abroad like China and India, that way EU economy remains big while people get poorer.
Like iPhone being basically made in China while it is considered "American" and Apple counts as US GDP while regular Americans are out of jobs!

Be it Europe and Asia  - USA or NATO all the countries are facing the worse inflation
There are three basic reason - Afghan _ USA war which has done so much damage to the south asian region - Russian - ukraine war. . Which has damaged the whole world. And yet there are all the biggest peacemakers of the world.

[pooya87]

Be it Europe and Asia  - USA or NATO all the countries are facing the worse inflation

That's true but the degree and the type of what each country or region faces is very different depending on their "side" and what they have to import. What US faces is different from what Asia faces and what EU faces and even it is different for different EU members (eg. UK is different from Germany and different from Greece, and so on).

For example:
Turkey is facing 90%+ inflation rate because they relied heavily on energy imports and accompanied with a very weak reliant economy led to worse inflation.
What US faces is partly high energy prices partly stupid money printing policy and they reduce it by exporting it which is something other countries can not do.
What EU faces is generally deindustrialization and capital fleeing the region because of high inflation and energy prices which they make worse by printing money.
What India is facing is industrialization and capital entering their country with the inflation being due to high energy prices while Indian economy expands.
...
Although things are a lot more complicated than this but I tried simplifying it to make the point. You see it is not only because of wars, a conflict is a catalyst that is activating 3 years of outrageous amount of money printing ever since Pandemic began.

[Cryptock]

Be it Europe and Asia  - USA or NATO all the countries are facing the worse inflation

That's true but the degree and the type of what each country or region faces is very different depending on their "side" and what they have to import. What US faces is different from what Asia faces and what EU faces and even it is different for different EU members (eg. UK is different from Germany and different from Greece, and so on).

For example:
Turkey is facing 90%+ inflation rate because they relied heavily on energy imports and accompanied with a very weak reliant economy led to worse inflation.
What US faces is partly high energy prices partly stupid money printing policy and they reduce it by exporting it which is something other countries can not do.
What EU faces is generally deindustrialization and capital fleeing the region because of high inflation and energy prices which they make worse by printing money.
What India is facing is industrialization and capital entering their country with the inflation being due to high energy prices while Indian economy expands.
...
Although things are a lot more complicated than this but I tried simplifying it to make the point. You see it is not only because of wars, a conflict is a catalyst that is activating 3 years of outrageous amount of money printing ever since Pandemic began.

That is correct - I have seen in news like Afghanistan, Sirilanka, Pakistan are going through the toughest time on the other hand India took great care of their economy. People in India switched to the solar energy. The Indian kept good terms with USA and they also got oil from Russia. They know how to take care of their people.

[Smartprofit]

In this regard, the question arises about the future of the European economy...

What will the European countries do?  Produce exclusively agricultural products? 

However, in European countries there are no black earth fertile lands. 

Actively develop tourism?  Yes, there are a lot of temples, palaces and other monuments of cultural heritage in Europe.  However, the Covid-19 coronavirus pandemic has shown how easily stable tourist flows disappear. 

The deindustrialization of Europe, in my opinion, is a very big blow to the European economy.  This raises the question of the future of all European culture. 

It is possible that humanity in general is threatened with a civilizational rollback, since European culture is the foundation of all modern human civilization.

I never said that Europe is not a good place for all types of industries. What I meant from my previous post is that Europe needs to shut down some of its energy intensive industries, and concentrate more on sectors that need less energy - such as IT, medicine, electronics and pharmaceuticals. Industrial sectors such as heavy engineering, mining, automobiles and metals have no place in Europe. Energy intensive industries need a combination of cheap labor and affordable energy. Europe doesn't have either of these two.

Modern European countries do not have their own colonies, where it would be possible to relocate both metallurgical and other factories.  The logic of modern relations between different countries lies in the rejection of the achievements of the era of globalism. 

For the first time, supply chains between different countries were seriously disrupted during the Covid-19 coronavirus pandemic.  However, even after the pandemic has subsided, logistical problems persist. 

And here there is a danger of a large-scale naval war, when submarines will torpedo transport ships.  This is of course a hypothetical danger, but the probability of such events is not zero.  The global world is splitting into separate isolated economic zones. 

In my opinion, in an era of uncertainty, it is advisable to strive to provide your country with everything you need, and, consequently, with heavy metallurgy products. 

The situation in the world right now is too turbulent.

[pooya87]

The global world is splitting into separate isolated economic zones. 

I don't think it is or will be isolated zones. It's just going to be zones that don't follow the old world order that will be willing to have economical relations with other zones.
For example eventually it could be that Eastern bloc trades internally using an entirely different currency (that is not dollar) and Western bloc does the same but using dollar. Whenever the two blocs want to trade, they come to an agreement on the medium of exchange (could be gold again).
This is what organizations like SCO have been preparing for over the past years.

[Smartprofit]

The global world is splitting into separate isolated economic zones. 

I don't think it is or will be isolated zones. It's just going to be zones that don't follow the old world order that will be willing to have economical relations with other zones.
For example eventually it could be that Eastern bloc trades internally using an entirely different currency (that is not dollar) and Western bloc does the same but using dollar. Whenever the two blocs want to trade, they come to an agreement on the medium of exchange (could be gold again).
This is what organizations like SCO have been preparing for over the past years.

Most importantly, humanity has already acquired the experience of living in a world divided into isolated segments. 

I mean the situation with the Covid-19 pandemic.  When I talk about isolated economic zones, I mean not only the currency of international settlements. 

Perhaps a complete disregard for entire continents.  For example, planes will not fly from one continent to another, because there will be no economic sense in such flights, and gasoline is expensive. 

Previously, in all countries you could see crowds of Chinese tourists.  What is currently happening?  Currently, they do not leave the territory of their country.  The Chinese also do not use foreign social networks.  So gradually they may even forget that there is anything other than China.

In addition to economic isolation, complete cultural isolation of various peoples is also possible.

[Sithara007]

The global world is splitting into separate isolated economic zones. 

I don't think it is or will be isolated zones. It's just going to be zones that don't follow the old world order that will be willing to have economical relations with other zones.
For example eventually it could be that Eastern bloc trades internally using an entirely different currency (that is not dollar) and Western bloc does the same but using dollar. Whenever the two blocs want to trade, they come to an agreement on the medium of exchange (could be gold again).
This is what organizations like SCO have been preparing for over the past years.

I am not sure whether the US Dollar will lose it's dominant position in international trade anytime soon. Recently some of the countries such as Russia, China and India have started using their own national currencies instead of the United States Dollar, for bilateral trade. But here is the catch - all of these currencies (RUR, CNY and INR) have gone down against the USD in the last 12 months. So naturally the traders are not going to benefit in case they use these weaker options. The governments also can't force the traders.

[cabron]

The global world is splitting into separate isolated economic zones. 

I don't think it is or will be isolated zones. It's just going to be zones that don't follow the old world order that will be willing to have economical relations with other zones.
For example eventually it could be that Eastern bloc trades internally using an entirely different currency (that is not dollar) and Western bloc does the same but using dollar. Whenever the two blocs want to trade, they come to an agreement on the medium of exchange (could be gold again).
This is what organizations like SCO have been preparing for over the past years.

I am not sure whether the US Dollar will lose it's dominant position in international trade anytime soon. Recently some of the countries such as Russia, China and India have started using their own national currencies instead of the United States Dollar, for bilateral trade. But here is the catch - all of these currencies (RUR, CNY and INR) have gone down against the USD in the last 12 months. So naturally the traders are not going to benefit in case they use these weaker options. The governments also can't force the traders.

The US is still being used by more countries, of course, it's widely accepted. Only Russia and China are capable of standing up and not using the US because their economy can last even with all the economic sanctions but more countries are also adopting Crypto and Yuan even in South America.

The BRICS nations will have the gold standard soon. They know this which is why gold is skyrocketing as central banks are buying gold.

[pooya87]

Perhaps a complete disregard for entire continents.  For example, planes will not fly from one continent to another, because there will be no economic sense in such flights, and gasoline is expensive. 

It is not expensive everywhere, only in places where they have to import oil from abroad to process/refine it to get fuel. Otherwise for countries that already have the resources an the technology to make fuel it won't be expensive.
So in such an extreme scenario, the airlines in countries with expensive fuel will shut down not the air travel.

Previously, in all countries you could see crowds of Chinese tourists.  What is currently happening?  Currently, they do not leave the territory of their country.  The Chinese also do not use foreign social networks.  So gradually they may even forget that there is anything other than China.

That's because of the pandemic. Google the chaos that's happening in China. Just 2 weeks ago the Chinese authorities announced 250 million people were infected in only 20 days (18% of the population)! They no longer report death stats like before either.
The Chinese economy is not going to stop though, they will continue selling their stuff to the rest of the world because we are already addicted to importing them.

I am not sure whether the US Dollar will lose it's dominant position in international trade anytime soon.

I agree. The World Orders don't just change easily, a World War created the dual polar world about 80 years ago and a Cold War with the threat of nuclear annihilation created this last World Order where Dollar dominated the world.

[DrBeer]

News from the circus
As you know, today Russian oil began to be traded "here and now" at a price of about $40 per barrel.
No, I will not remind you that the EU has refused oil and gas from a supplier who is a global terrorist.
This is how the world market reacted. At the same time, please pay attention - other brands of oil - did not grow. What does it say? Not only that the world has understood that it is impossible to finance terrorists, but also that demand, global demand for oil, is not growing! There are many reasons:
- China can no longer buy back those volumes of oil from Russia that it bought up to today. Why ? No storage, no need, economy stagnating, oil losing demand
- India - bought a huge amount of Russian oil on the cheap. But what was cheap yesterday is already EXPENSIVE today, and India will wait for a deeper drawdown in order to "average" the cost of stocks
- The rest of the world - well, you guessed it, they live in reality and not in the total fakes of Russia - there is a lot of oil! Demand is satisfied, the prospects have become stable, nothing on this market depends on Russia.

But this is real and serious. Do you want to roar with all your might? Putin signed the order... Sit down, otherwise you will fall with laughter To "spoil the whole world", this "great strategist" ordered... drum roll !!!!!!
- to ban the sale of oil to the foreign market at less than $140 per barrel, this time  
- prohibit the sale of gas to the external market at a price below $2,000 per 1,000 cubic meters!

Do you understand the depth of idiocy? Nobody buys at 45? AND WE WILL NOT SELL YOU CHEAPER 140 oil!!  

The extremely idiotic order was accepted for execution from 01/15/2023! Take popcorn - you've definitely never seen such a show of idiots!  

The BRICS nations will have the gold standard soon. They know this which is why gold is skyrocketing as central banks are buying gold.

 

I am not sure whether the US Dollar will lose it's dominant position in international trade anytime soon. Recently some of the countries such as Russia, China and India have started using their own national currencies instead of the United States Dollar, for bilateral trade. But here is the catch - all of these currencies (RUR, CNY and INR) have gone down against the USD in the last 12 months. So naturally the traders are not going to benefit in case they use these weaker options. The governments also can't force the traders.

 

Those. you yourself have already understood that propaganda is a fairy tale, but there is reality. The reality where the US economy has been and remains the strongest, the currencies of Russia, China and India are unstable, and this speaks of such a stable economy. More precisely, they may be "large", but they are highly dependent on the same dollar, Western technologies and the US / EU market. These countries will not be able to sell to themselves, because they need currency, not candy wrappers!
especially:
-China - economic stagnation, a new round of the pandemic, a global economic bubble that is ready to burst. Well, the most important thing against this background is that the United States has imposed a ban on the supply of technologies and high-tech chips to China. Without this, China will again return to the status of a manufacturer of cheap electronic consumer goods for third world countries.
- Russia - in general, the question is - how many years it will still be displayed on the map. Internal processes, or rather centrifugal ones, have already begun ... And the influence from the outside will accelerate them ... This player can generally be "written off"
- India - well, lucky here! The United States allowed India to assemble iPhones by transporting all production from China ... But globally, nothing has changed in the Indian economy.
- Brazil - an unstable economy, some obvious events, destabilization - well, a chic union! Objectively, India looks like an island of stability among other participants. And these participants, or rather ballast, India DOES NOT NEED! And more importantly, for India, all of the above countries can become raw materials appendages (following Russia), and a market for cheap, low-quality goods that definitely will not go to the US / EU market and other developed countries!

[Sithara007]

^^^ I never claimed that the United States is not the strongest economy in the world. My problem is that the US always misuses the fact that USD is the reserve and trade currency of the world. They take trillions of USD in loans, paying interest rates of near zero. Other countries don't have this luxury and they are paying inflated rates to make up for their budget deficit. What is happening now is that the rest of the world is strengthening the USD by trading in this currency and by purchasing the US treasury bonds, while the Americans are diluting it by printing out more and more banknotes.

[Smartprofit]

^^^ I never claimed that the United States is not the strongest economy in the world. My problem is that the US always misuses the fact that USD is the reserve and trade currency of the world. They take trillions of USD in loans, paying interest rates of near zero. Other countries don't have this luxury and they are paying inflated rates to make up for their budget deficit. What is happening now is that the rest of the world is strengthening the USD by trading in this currency and by purchasing the US treasury bonds, while the Americans are diluting it by printing out more and more banknotes.

The US has a very sensible economic policy.  The US has very good domestic demand.  The citizens of the United States are constantly improving their standard of living, they are consuming more and more goods, works and services.  

China is the opposite.... The standard of living of the Chinese population is not growing at the same rate as the standard of living of US citizens.  China has weak domestic demand.  

Therefore, China is forced to keep most of its foreign exchange earnings as part of the gold and foreign exchange reserves of the Central Bank of China.  

Based on this, a cheap yuan is beneficial for China, and an expensive dollar for the United States.  

This ensures the overall stability of the modern financial system.

[DrBeer]

Some information about the new "achievements" of the country of the terrorist
- The Russian oil price ceiling is costing the Kremlin minus $172 million a day of planned revenue. Lost profits will rise to $280 million a day when the restriction is extended to petroleum products from Feb. 5.
- The price of oil fell to the level of $40 per barrel. On January 15, the "great strategist" introduced a restriction - not to sell oil below $140, gas - below $2,000 per 1,000 cubic meters.
- China accepted the position of the United States, saying that the partnership with Russia turned out to be erroneous, and further interactions with the criminal regime would be minimized
- India joins sanctions against Russia

Every day is a new "victory" of Russia

^^^ I never claimed that the United States is not the strongest economy in the world. My problem is that the US always misuses the fact that USD is the reserve and trade currency of the world. They take trillions of USD in loans, paying interest rates of near zero. Other countries don't have this luxury and they are paying inflated rates to make up for their budget deficit. What is happening now is that the rest of the world is strengthening the USD by trading in this currency and by purchasing the US treasury bonds, while the Americans are diluting it by printing out more and more banknotes.

So whose problem is this? Who's in real trouble? Indeed, quite recently, many pro-Kremlin propagandists and their supporters wrote that the US leadership is ending, the US will soon collapse, BRICS and similar unions will take the place of the leader, we are switching to settlements in local currencies ... Well, and other nonsense
Bottom line: the US is rebuilding its economy, and some countries are doing idiotic things like abandoning the dollar and creating alliances with rogue countries in an attempt to "destroy the dollar and the US" once again. At the same time, it is their economy that is being destroyed and it is their currencies that are collapsing... It looks very funny and stupid

[Sithara007]

The US has a very sensible economic policy.  The US has very good domestic demand.  The citizens of the United States are constantly improving their standard of living, they are consuming more and more goods, works and services.  

China is the opposite.... The standard of living of the Chinese population is not growing at the same rate as the standard of living of US citizens.  China has weak domestic demand.  

Therefore, China is forced to keep most of its foreign exchange earnings as part of the gold and foreign exchange reserves of the Central Bank of China.  

Based on this, a cheap yuan is beneficial for China, and an expensive dollar for the United States.  

This ensures the overall stability of the modern financial system.

I don't agree with any of this. The reason why the Chinese government manipulates the exchange rates of the Yuan and devalues it frequently is to help the exporters in that country. China is the largest exporter of textiles, electronics and other appliances. Having a weaker Yuan benefits this sector. If you want to compare the change in living standards, then you will be surprised. During the last 2 decades or so, living standards in the US has remained more or less same, while that in China has seen a large improvement (extreme poverty has been completely eliminated from China as per reports from independent agencies). Check these charts:

[zaki12]

A few days ago I read the news in the local information media regarding the prohibition of Russian gas and price restrictions. In the end, Vladimir Putin replied to what had narrowed him down by deciding on a decree banning oil and oil products for countries that agreed to price limit decisions. The countries that include the European Union and the G7, previously on December 5, the G7 countries agreed to limit the price of Russian crude oil to $ 60/barrel, the decision was made before 27 European Union countries agreed to limit prices.
Russia's decision to stop oil exports to Europe and the G7 countries will be a countermeasure that will take effect from 1 February to 1 July 2023 or for five months. The ban applies to all stages of supply up to the final buyer, but Putin can lift the ban in certain cases.

Putin's ban will make world oil prices heat up even more as a result the inflation rate which continues to be suppressed by the world bank through interest rates will continue to increase.

What might happen to Europe if this actually happened? will Europe be worse?

If only there are people who believe and say that there is no problem with stopping the supply of Russian gas to Europe, maybe we need information from gas-producing countries in the Middle East. Qatar is the largest, the energy minister himself said, replacing Russian gas supplies to Europe, which amounted to 40% of Europe's total needs, is not something that can be easily and quickly implemented. it needs to add more production capacity, it needs new pipelines or channel changes from the Middle East to Europe, it takes time to reach the target quota, and everything needs money. not cheap and impossible to achieve in a year, at least 5-7 years. then for 5-7 years where does Europe want gas from? to meet European needs.

and History proves that just to survive, Europeans have to cross countries to meet the needs of their people, from ancient times to the end of time.

[Smartprofit]

The US has a very sensible economic policy.  The US has very good domestic demand.  The citizens of the United States are constantly improving their standard of living, they are consuming more and more goods, works and services.  

China is the opposite.... The standard of living of the Chinese population is not growing at the same rate as the standard of living of US citizens.  China has weak domestic demand.  

Therefore, China is forced to keep most of its foreign exchange earnings as part of the gold and foreign exchange reserves of the Central Bank of China.  

Based on this, a cheap yuan is beneficial for China, and an expensive dollar for the United States.  

This ensures the overall stability of the modern financial system.

I don't agree with any of this. The reason why the Chinese government manipulates the exchange rates of the Yuan and devalues it frequently is to help the exporters in that country. China is the largest exporter of textiles, electronics and other appliances. Having a weaker Yuan benefits this sector. If you want to compare the change in living standards, then you will be surprised. During the last 2 decades or so, living standards in the US has remained more or less same, while that in China has seen a large improvement (extreme poverty has been completely eliminated from China as per reports from independent agencies).

Yes, I agree with you, poverty in China has been eradicated in recent decades. 

However, the standard of living in China has not reached the level of Western democracies.  At the same time, it is more likely that the standard of living of ordinary citizens of the China will never reach the standard of living of citizens of countries with a more democratic form of government. 

There is one important economic law - the standard of living in democratic countries is always higher than in totalitarian ones.  There are exceptions to this rule, but they only confirm this rule...

Totalitarian countries are not interested in the growth of the well-being of their citizens, as this threatens the power of the elites of these countries. 

Therefore, even if they receive super-profits from exports, these countries will use these additional revenues not to improve the well-being of their citizens, but to increase gold and foreign exchange reserves or to an arms race and strengthen the repressive apparatus. 

This is one of the reasons for the weakness of the Chinese yuan and the strength of the US dollar.

[pooya87]

However, the standard of living in China has not reached the level of Western democracies.  At the same time, it is more likely that the standard of living of ordinary citizens of the China will never reach the standard of living of citizens of countries with a more democratic form of government. 

There is one important economic law - the standard of living in democratic countries is always higher than in totalitarian ones.  There are exceptions to this rule, but they only confirm this rule...

I disagree mainly because you are comparing apples with apples with a different color. Democracy is dictatorship with a different face. But also the evidence suggests otherwise. If you want to compare, you have to compare countries based on their own situation (geography, population,etc.) and over time.

China is a country that has been harmed by the colonizers and with the wars forced on them, their country and people were in ruins. Over the past 40 years for example, China has eradicated absolute poverty that 85% of its population were struggling with. That is 800 million people living in absolute poverty at the time. Over the same time they expanded their economy, built massive industries and turned into the second biggest and strongest economy, all from nothing!

Note that I'm not defending dictatorships here but that we haven't seen any good results from democracies in comparison. What have the "democratic" countries done in the same period? The poverty rate has been growing and homeless people are filling the streets. Middle class no longer has the same meaning since it is now what lower class used to be! Everywhere you look people are protesting against their "democratically elected regimes" for the increasing cost of living and generally the injustice, like in France where the protests reached their 5th consecutive year. And it's only getting worse.

I don't know what you call high standard of living but if you have to borrow money to be able to live in heavy debt all your life and if you get sick you have to declare bankruptcy the next day in a country where a 6-year old is arrested for intentionally shooting someone else (6000+ kids per year!), I would not even call it a living.