International Peace Coalition: Most European governments have shown an “unbelievable indifference” to the extreme danger for all Mankind that their own actions have created by driving relentlessly for war with Russia, a war that will inevitably be nuclear, if not prevented.

Helga Zepp-LaRouche, the founder of Schiller Institute, recently denounced the June 3, 2026 Ukrainian drone attack on St Petersburg at exactly the time that the yearly St Petersburg International Economic Forum was getting underway. “This is beyond reckless; it is criminal,” she insisted, warning that the attack might well backfire politically against Kiev, given that there were some 20,000 participants from over 100 countries attending the three-day forum.

What is driving such madness?

The Western financial-strategic situation is approaching a boundary condition. According to the Stockholm International Peace Research Institute (SIPRI), global military spending reached nearly USD 2.9 trillion in 2025, which comes out to more than 2.5% of global GDP – the highest level since 2009. About one third of the total amount – USD 954 billion – was spent by the US and President Donald John Trump has vowed to increase US defence spending to USD 1.5 trillion by the end of 2027.

The New York Council on Foreign Relations, the elite Establishment think tank, has just published a worried article, titled Beware the Costs of the Global Rearmament Boom, about where this massive military spending is heading and how it can be maintained. The article notes that “roughly two-thirds of recent national boosts in defence spending were deficit financed and that the average recent defence spending boom was followed by an increase in the country’s fiscal deficit of about 2.6 percentage points“. This, along with the out-of-control inflation unleashed by Trump’s other incompetent economic policies, has meant major pressure to increase interest rates, which is further worsening government budget deficits. Meanwhile, the CFR piece has reported that “IMF Managing Director Kristalina Georgieva noted in April that such a policy combination in the current fiscal environment could end badly”. She compared it to having one foot on the accelerator and one on the brake, stating: “It’s not a good way to drive a car.“

This is not the first time such criminal insanity has been visited on the world. Back in the 1930s, Adolf Hitler’s Central Bank President Hjalmar Schacht decided to issue large quantities of worthless, government-backed MEFO bills to fund massive German rearmament, and the result was the Eastern Anschluss and the concentration camps.

This same Schachtian policy is being implemented today and it has become a runaway freight train heading towards a cement wall, especially in the US. As interest payments on the USD 39 trillion US government debt are already consuming USD 1 trillion per year from the Federal Budget; the debt will be growing even more rapidly than it has until now, especially with Trump’s proposed USD 1.5 trillion defence budget. Interest rates, too, are now set to increase, despite all of the President’s yelling and hollering, placing Kevin Warsh at the Fed, and so on.

Will the US soon be spending USD 2 trillion on military expenditures, paying another USD 2 trillion on interest payments and watching the debt soar to USD 50 trillion? And under these conditions, how in the world can the City of London and Wall Street bankers keep their massive global speculative bubble of USD 2.4 quadrillion from exploding?

These questions, as well as the answers, explain the current foreign and economic policies of the US and Europe, apart from pointing us in the direction of the needed solution.

Boundless Ocean of Politics received this article from the International Peace Coalition (IPC) on June 4, 2026.

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Published by Koushik Das

Koushik Das (born on May 16, 1976 in Kolkata) is a career journalist. Based in the Indian capital of New Delhi, Koushik writes mainly about foreign policies and current geopolitical issues, and rarely about other topics. His own political ideas are highly influenced by Antonio Gramsci, Louis Althusser, Michel Foucault, Michael Oakeshott and others. English philosopher and political theorist Oakeshott (Dec 11, 1901-Dec 19, 1990) says that “in political activity, men sail a boundless and bottomless sea. There is neither harbour for shelter nor floor for anchorage, neither starting-place, nor appointed destination. But we have to keep afloat”. (Rationalism in Politics, 1962) As a student of Political Science, Koushik loves to share his views on issues, which have great impacts on his thought process (and also on India, South Asia and of course on the global community), with his readers through his website – Boundless Ocean of Politics. By doing so, he tries to keep himself afloat. You will find some of his articles in https://inserbia.info/today/ (https://inserbia.info/today/author/kou_das13_i/), as he has been trying to assess the global geopolitics since 2003. You can also mail him at kousdas@gmail.com View all posts by Koushik Das