{"id":8116,"date":"2026-07-15T15:19:11","date_gmt":"2026-07-15T15:19:11","guid":{"rendered":"https:\/\/www.europesays.com\/nato\/8116\/"},"modified":"2026-07-15T15:19:11","modified_gmt":"2026-07-15T15:19:11","slug":"the-cost-of-nato-the-iran-war-and-ai-bubbles","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/nato\/8116\/","title":{"rendered":"The cost of NATO, the Iran war and AI bubbles"},"content":{"rendered":"

\"The<\/p>\n

The Iran conflict is being felt at the petrol pumps <\/p>\n

Keystone-SDA <\/p>\n

Welcome to our press review of events in the United States. Every Wednesday we look at how the Swiss media have reported and reacted to three major stories in the US \u2013 in politics, finance and science.\n<\/p>\n

This content was published on <\/p>\n

July 15, 2026 – 17:00\n<\/p>\n

\"\"<\/p>\n

\n I write about the rapidly evolving artificial intelligence technology and its possible impacts on society.
\nOriginally from England, I spent some time at the BBC in London before moving to Switzerland to join SWI swissinfo.ch. <\/p>\n


\n More from this author <\/a><\/p>\n


\n English Department <\/a><\/p>\n

Everything boils down to money eventually. NATO is costing a potential split from the US while motorist fume at the price of petrol and investors size up the risk-reward profile of new AI companies.<\/p>\n

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\"NATO<\/p>\n

NATO is preparing for life without the US <\/p>\n

Copyright 2026 The Associated Press. All Rights Reserved <\/p>\n

The 36th NATO summit witnessed fireworks, threats and contradiction as Donald Trump arrived in Ankara last week. \u201cTrump subjected the entire world to a diplomatic rollercoaster,\u201d noted the Tages Anzeiger.<\/p>\n

Trump dished out the usual array of complaints, starting with the refusal of NATO member states to support his war with Iran \u2013 only to dish out compliments after the summit had ended. <\/p>\n

\u201cIn a defense alliance that has existed for 77 years and is based on mutual trust, such inconsistency is difficult to endure in the long run,\u201d the Tages Anzeiger said.<\/p>\n

\u201cTrump neither sees Russia as a threat to the security of the United States, nor does he consider the security of Europe to be in the US\u2019s own best interest,\u201d it added.<\/p>\n

But the newspaper also noted a change in response from Europe. The continent is no longer so alarmed at the prospect of the US withdrawing funding and military support. <\/p>\n

Instead, it is gearing up for \u201cNATO 3.0\u201d in which European countries ramp up their own defences to shed dependence on US military hardware.<\/p>\n

\u201cWhat is also dawning on Europeans is that, in the future, they may be able to rely more on Ukraine than on the Americans to defend themselves against Russia.\u201d<\/p>\n

But it might not be so easy to detach from the US nuclear deterrence or replace the command and reconnaissance capabilities the US has built up over the decades. \u201cThe years of transition could prove dangerous,\u201d the Tages Anzeiger warns.<\/p>\n

\"Oil<\/p>\n

Oil and gas prices have inflated during the Middle East conflict <\/p>\n

Copyright 2019 The Associated Press. All Rights Reserved <\/p>\n

Every passing day of conflict in the Middle East piles further misery onto the global economy. The latest escalation of hostilities over the Strait of Hormuz has raised oil prices and increased the chances of higher interest rates.<\/p>\n

The Swiss media largely blames the US. \u201cThe jerky, almost irrational carrot-and-stick approach they are currently employing will lead nowhere,\u201d writes former UN diplomat Paul-Henri Arni in Le Matin Dimanche.<\/p>\n

\u201cThis is going to be a long, hot summer. Crude oil prices have risen, as it will now take even longer for oil exports from the Gulf region to normalise,\u201d predicts the Neue Z\u00fcrcher Zeitung.<\/p>\n

\u201cThere\u2019s no way around it: once Pandora\u2019s box is opened, it can only be closed with a massive effort. The longer the warring parties delay, the higher the bill will be.\u201d<\/p>\n

For 24heures, the conflict represents \u201ca state of permanent uncertainty for the economy. It is fueling inflationary pressures and could lead the European Central Bank to raise its rates again this year. If we enter another period of high tension, it risks weighing once more on household morale and therefore consumption.\u201d<\/p>\n

But having identified the symptoms (the Strait of Hormuz) and the cause of the ailment (the US), Swiss reporters are less certain about prescribing a cure before the US mid-term elections in November.<\/p>\n

The NZZ is convinced that Trump will lay the blame on large oil companies when they announce bumper profits at the end of July. But a concrete and lasting solution may take years, according to Paul-Henri Arni in Le Matin Dimanche.<\/p>\n

\u201cSince the Iranians have more time on their side than President Trump, this war is unlikely to end until he leaves the White House,\u201d he states.<\/p>\n

\"Fears<\/p>\n

Fears grow that the AI bubble will pop <\/p>\n

Keystone-SDA <\/p>\n

\u201cA massive bet is currently being placed on artificial intelligence in the financial markets,\u201d declares Swiss public broadcaster SRF. Investors think AI is the next big thing. But \u201cthere are legitimate doubts about this\u201d.<\/p>\n

The Neue Z\u00fcrcher Zeitung is also concerned about the mega-billions being poured by Wall Street into an unproven technology. The newspaper has flashbacks to the dotcom and housing market bubbles at the start of the Millennium.<\/p>\n

\u201cBut this time, everything is different. And probably worse,\u201d it said. \u201cWhat price will we eventually pay for our high in the AI \u200b\u200bcasino? And can we even afford it?\u201d<\/p>\n

Both media outlets identify vast levels of debt inflating the bubble, which links the bond market, private equity and more opaque sources of funding. US tech giants are even cross-pollinating each other by investing huge fortunes in the projects of rival firms.<\/p>\n

\u201cIf the bubble bursts, the economy could be occupied for years with reducing debt,\u201d writes the NZZ.<\/p>\n

Financial market panic could easily be sparked by disappointing company results or the failure of a product to launch on time, warns SRF. <\/p>\n

\u201cThe potential for a fall is far greater today than in 2000 or 2008. This is because the American financial market is much larger and more complex now than it was then. And the wealth of many Americans is held there. And that of many foreigners, too.\u201d<\/p>\n

The next edition of \u2018Swiss views of US news\u2019 will be published on Wednesday, July 22. See you then!<\/p>\n

If you have any comments or feedback, email english@swissinfo.ch<\/p>\n

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