TB: Will American collapse delay European collapse or accelerate it?
DO: There are many uncertainties to how events might unfold, but Europe is at least twice as able to weather the next, predicted oil shock as the United States. Once petroleum demand in the US collapses following a hard crash, Europe will for a time, perhaps for as long as a decade, have the petroleum resources it needs, before resource depletion catches up with demand.
The relative proximity to Eurasia's large natural gas reserves should also prove to be a major safeguard against disruption, in spite of toxic pipeline politics. The predicted sudden demise of the US dollar will no doubt be economically disruptive, but in the slightly longer term the collapse of the dollar system will stop the hemorrhaging of the world's savings into American risky debt and unaffordable consumption. This should boost the fortunes of Eurozone countries and also give some breathing space to the world's poorer countries.
A conversation with Dmitry Orlov about Europe | Energy Bulletin
http://energybulletin.net/stories/2011-12-16/conversation-dmitry-orlov-about-europe