Spreadsheet of War: Europe’s New Arms-Length Democracy
When deterrence needs a balance sheet, Brussels stops asking ‘Should we fight?’ and starts asking ‘What’s the IRR on artillery?’
Panel of EU technocrats in suits and NATO-blue lanyards present a glossy pitch deck titled “Deterrence Finance Ecosystem” to a room full of missile manufacturers and private equity sharks. On the slide: a hockey-stick chart labeled “Return on Insecurity (ROI),” with tank silhouettes instead of data points. In the corner, a dusty, half-erased blackboard reads “Peace Dividend” with a big red X through it. Out the window, Europe is literally on fire: factories cranking out shells, forests burning, refugee lines stretching past banners that say “European Defence Fund Demo Day.” A lone citizen activist in the back row raises a hand, holding a tiny “Healthcare? Housing?” notepad, while the moderator points to a smaller slide reading “Civilians: Non-Core Asset Class.”
Source headline
Deterrence needs a balance sheet: The rise of Europe’s defence finance ecosystem
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