Debunking Economics - the podcast Can the EU take on the US?
Jan 21, 2026
Phil and Steve dive into the potential impacts of a US-EU trade war, highlighting Europe's dependence on American defense and technology. They discuss the challenges of building a self-sufficient European security architecture, including the idea of a eurozone-funded army. The hosts explore the implications of tariffs on trade and the rise of European arms production to reduce reliance on the U.S. Additionally, they touch on the economic tools Europe could leverage against US tech dominance and ponder the possibility of a united Europe in response to unpredictability from the U.S.
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Episode notes
Greenland’s Humorous Defence Image
- Phil Dobby jokes that Greenland's defence amounts to "two dog sleds," highlighting its vulnerability.
- The remark underscores why the US framed Greenland as strategically important.
US Behavior Reveals EU Dependence
- Donald Trump's Greenland remarks exposed European anxiety about overreliance on US defence and intelligence sharing.
- Steve Keen and Phil Dobby argue this could push Europe toward strategic autonomy and deeper integration.
Spending Isn’t Enough Without Supplies
- Europe could match US military spending but faces supply-chain limits for rare earths and advanced microchips.
- Steve Keen warns that building independent weaponry depends on securing critical minerals and chip production.
