Richard Wolff and Michael Hudson argue that Europe’s economic decline is largely self-inflicted, driven by its decision to sever cheap Russian energy, submit to US trade pressure, and reorient its economy toward militarisation. They describe an EU leadership structurally dependent on Washington, willing to sacrifice industrial capacity, social spending, and political cohesion to sustain a war economy that benefits finance and arms producers. The discussion links confiscated Russian assets, looming joint debt, and energy shortages to a deeper crisis in the European project, warning that militarisation without an industrial base risks long-term fragmentation, austerity, and strategic irrelevance.