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<ul class="summary-list"><li>Hungary's PM Viktor Orbán said the US will abandon its support for Ukraine, days after Trump's win.</li><li>He said that the US "will quit" the war and there's a "military defeat in Ukraine," per reports.</li></ul>Hungary's leader, Viktor Orbán, has a chilling forecast: the US will abandon Ukraine under President-elect Donald Trump."The Americans will quit this war," he told national radio, per multiple outlets, including <a target="_blank" class="" href="https://www.reuters.com/world/europe/hungarys-pm-orban-says-trump-will-quit-ukraine-war-forcing-eu-rethink-2024-11-08/">Reuters</a>. "There is military defeat in Ukraine."Orbán is Russian President Vladimir Putin's closest ally in the European Union, a position that has put him <a target="_blank" rel="" class="" href="https://www.businessinsider.com/hungary-prime-minister-viktor-orban-shunned-europeanu-union-russia-putin-2024-7">out of favor</a> in the bloc.Trump and Orbán have long shown mutual admiration.In the past, Trump called Orbán his "friend" and lauded him for his knowledge of world affairs. And during his debate with Vice President Kamala Harris in September, Trump <a target="_blank" href="https://abcnews.go.com/Politics/harris-trump-presidential-debate-transcript/story?id=113560542">described</a> Orbán as one of the world's "most respected men" — a "strong man" and "a tough person."The Hungarian prime minister's prediction came after Trump secured a return to the White House, and follows reports that Trump's advisors are laying out different plans on how to end the war in Ukraine.One plan includes establishing an 800-mile demilitarized zone and having Ukraine pledge not to join NATO for at least 20 years, The Wall Street Journal <a target="_blank" class="" href="https://www.businessinsider.com/trump-advisors-peace-plans-ukraine-demilitarized-zone-no-aid-russia-2024-11">reported</a> Wednesday, citing three people close to Trump.Keith Kellogg and Fred Fleitz, two top officials who served on the National Security Council under Trump's first administration, presented another plan to Trump earlier this year that involved withholding weapons from Ukraine until the country agreed to engage in peace talks with Russia, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/world/us/trump-reviews-plan-halt-us-military-aid-ukraine-unless-it-negotiates-peace-with-2024-06-25/">Reuters</a> reported at the time.Trump hasn't approved a specific plan as yet, those close to him told the Journal.Orbán's forecast comes as world leaders hold key meetings this week, in part to discuss the war in Ukraine.At a <a target="_blank" class="" href="https://x.com/i/broadcasts/1YqKDkLMnjkxV">press conference</a> held at the European Political Community in Budapest on Thursday, Orbán also urged Europe to define the terms of a Ukrainian victory, saying he hoped this "intellectual" work would be done by Friday night.European leaders are convening at a European Council summit in Budapest on Friday, where they are <a target="_blank" class="" href="https://www.consilium.europa.eu/en/meetings/european-council/2024/11/07-08/?utm_source=x.com&amp;utm_medium=social&amp;utm_campaign=20241107-informal-euco-announcer&amp;utm_content=visual-card">expected</a> to discuss security and geopolitics in Ukraine.Meanwhile, in an interview with <a target="_blank" class="" href="https://www.businessinsider.com/hungary-next-months-ukraine-war-far-more-brutal-russia-china-2024-7">Axel Springer</a> media outlets earlier this year, Orbán said he was holding meetings with world leaders as part of a "peace mission" tour to create a "limited-time" cease-fire to speed up peace talks between Russia and Ukraine.Orbán was among the first European leaders to <a target="_blank" class="" href="https://x.com/PM_ViktorOrban/status/1854062809304154172">congratulate</a> Trump on his victory.Ukrainian President Volodymyr Zelenskyy also quickly congratulated Trump, <a target="_blank" class="" href="https://x.com/ZelenskyyUa/status/1854289413246705695">saying</a> that strong and unwavering US leadership is vital for the world and for a just peace.

A pro-Trump European leader predicts he will abandon Ukraine: 'The Americans will quit this war'

<ul class="summary-list"><li>Residents of one Budapest neighborhood have voted to ban Airbnb-style rentals.</li><li>The new law will need to be ratified by Parliament and wouldn't go into effect until 2026.</li></ul>Residents of a bustling neighborhood in downtown Budapest, Hungary, have voted to ban Airbnb-style rentals.The move comes as a growing list of <a target="_blank" class="" href="https://www.businessinsider.com/barcelona-airbnb-ban-florence-amsterdam-lisbon-are-regulations-working-2024-8">European cities have cracked down</a> or plan to levy restrictions on short-term vacation rentals.Terézváros is a historic district in the <a target="_blank" class="" href="https://www.businessinsider.com/best-things-to-do-budapest-hungary-what-to-skip-christmas-2023-12">Hungarian capital</a> known for its dining, nightlife, and entertainment options — one strip of theaters is dubbed "Budapest's Broadway." It's also home to Heroes' Square, an iconic Hungarian monument and plaza that has hosted important political events.About 6,000 of Terézváros' residents turned out over two weeks to vote in a referendum, with over 54% supporting the ban on short-term rentals, according to the district's <a target="_blank" class="" href="https://www.facebook.com/terezvaros.hu">official Facebook page</a> and local news reports. Results were published on the district's website on Monday, according to Reuters.Concerns that expanding short-term-rental operations might push out locals took center stage in the weeks leading up to the referendum.The mayor of Terézváros, Tamás Soproni, cheered the vote as a sign that residents were reclaiming the district."It is important for them that the district regains its 'residentity,'" Soproni said in an official statement.There are currently over 15,000 short-term rental listings in the city of Budapest, according to <a target="_blank" class="" href="https://www.airdna.co/vacation-rental-data/app/hu/default/budapest/overview">analytics site AirDNA</a>. The average nightly rate is about $105.The number of Airbnbs in Budapest has grown rapidly in recent years, for example, by 30% between 2023 and 2024, <a target="_blank" class="" href="https://hungarytoday.hu/the-large-number-of-airbnb-apartments-brings-a-tough-fight-for-bookings/">according to digital outlet Hungary Today.</a>Terézváros' ban will need to be approved by Hungary's Parliament, but the national government has made it easier for local governments to hold these kinds of referendums on Airbnbs. If approved, the ban will not go into effect until January 2026.Other European cities burdened by overtourism and rising housing costs have levied new rules on Airbnb-style rentals.Barcelona, Prague, Lisbon, and Florence have all implemented some form of restriction, from capping the number of nights someone can rent out their space to banning short-term rentals in popular parts of the city.The Terézváros referendum is a rare instance of citizens in a major city expressing a direct opinion on how they want to handle Airbnbs.Not all voters have had similar opportunities, as other major cities in Europe and even <a target="_blank" class="" href="https://www.businessinsider.com/nyc-airbnb-crackdown-regulations-hosts-quitting-selling-homes-2023-9">New York City</a> enacted their short-term-rental rules through government policies."The residents of the district have set an example of how to use democratic tools and have made a decision about the type of district they want to live in," Soproni, the mayor, said in his statement.

Residents of one European city just voted Airbnb out of their neighborhood

<ul class="summary-list"><li>Western defense companies are increasingly setting up operations on Ukrainian soil.</li><li>Two companies announced this week that they are starting new projects based in Ukraine.</li></ul>US and European defense companies are increasingly setting up operations in Ukraine, with the brutal war raging on and presenting plenty of opportunities.Two companies said this week that they will work more on key weapons in Ukraine, adding to what has been a growing presence of Western defense manufacturers in the country since <a target="_blank" class="" href="https://www.businessinsider.com/why-did-russia-invade-ukraine-putin-politics-motive-2023-6">Russia launched its full-scale invasion</a> in February 2022.KNDS, a French-German defense group, announced on Tuesday that it had opened a subsidiary in Kyiv, Ukraine's capital, where one of its aims is to "carry out maintenance, repair and overhaul work" on some of its systems that Ukraine's military is using.This includes the <a target="_blank" class="" href="https://www.businessinsider.com/ukrainian-soldier-reveals-why-leopards-are-better-than-soviet-tanks-2023-9">Leopard 1 and 2 main battle tanks</a>, the CAESAR <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-artillery-arsenal-creates-logistical-maintenance-problems-2023-7">artillery gun</a>, the AMX10 RC armored fighting vehicle, the PzH 2000 <a target="_blank" class="" href="https://www.businessinsider.com/mud-makes-trouble-ukraines-howitzers-super-sensitive-dirt-vacuum-cleaner-2023-5">armored howitzer</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/gepard-cannons-are-defeating-russias-drones-but-ukraine-needs-ammo-2023-4">Gepard self-propelled antiaircraft gun</a>.The company said in a press statement that the new subsidiary "will support the cooperation between Ukrainian government institutions, the Ukrainian armaments industry and KNDS."Meanwhile, AeroVironment, an American defense contractor headquartered in Virginia, signed an agreement with an undisclosed Ukrainian company to make the Switchblade 600, a loitering munition, in Ukraine, the Kyiv Independent <a target="_blank" class="" href="https://kyivindependent.com/us-company-aerovironment-plans-to-start-producing-switchblade-loitering-munitions-in-ukraine/">reported</a>.The moves build on a growing Western defense industry presence in Ukraine.Ukraine's defense minister, Rustem Umerov, said in December that his country had signed "dozens of new contracts" that included joint production agreements with Western partners.German arms maker Rheinmetall has opened a plant in Ukraine and its CEO <a target="_blank" class="" href="https://newsukraine.rbc.ua/news/rheinmetall-to-open-air-defense-plant-in-1715848545.html">said</a> in May that the company will open a new air defense facility in the country.It also said that it would produce Lynx armored vehicles in Ukraine.BAE, a major British defense firm, meanwhile, announced last year that it was opening a new base in Ukraine to "ramp up" its support for the country's armed forces.And an unnamed US State Department official <a target="_blank" class="" href="https://www.defenseone.com/business/2024/08/warily-us-companies-eye-co-production-deals-ukraine/398616/">told Defense One</a> that more American defense companies seem interested in establishing themselves in Ukraine.But the official also warned of the dangers involved, saying no company wants their facilities targeted or employees hurt.The efforts are part of a wider push to integrate Western and Ukrainian defense efforts, including by sharing technologies, Ukrainian weapons specialists working in the West, and Western countries repairing and storing Ukrainian weaponry.These efforts will "allow Ukraine to become self-sufficient over time and integrate Ukraine into the broader Western security network," Washington DC-based think tank the Institute for the Study of War <a target="_blank" class="" href="https://understandingwar.org/backgrounder/ukraine%E2%80%99s-long-term-path-success-jumpstarting-self-sufficient-defense-industrial-base">said</a> in January.Most of Ukraine's weaponry comes from its allies, but it has also dramatically increased its own production. This includes <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-make-72-howitzers-next-year-struggle-ammo-report-2023-12">making its own howitzers</a>, <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-making-own-bombs-counter-russian-devastation-us-ones-jam-2024-6">glide bombs</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-on-track-produce-more-mortar-drones-than-planned-official-2024-7">drones</a>.<a target="_blank" class="" href="https://www.businessinsider.com/russia-finally-serious-about-its-war-spelling-trouble-for-ukraine-2024-5">Russia is also ramping up its own production</a>, sparking concerns in the West.Russia's invasion of Ukraine has been a major boost for Western defense companies, with many nations increasing their defense spending.Countries have increased their orders, and <a target="_blank" class="" href="https://www.businessinsider.com/russia-forced-west-boost-weapon-production-gear-no-longer-made-2024-7">many companies have increased their production, including equipment that had stopped being made</a> — not only to aid Ukraine but to prepare for any future Russian conflict with the West.The benefit has been huge for US companies: Of the $113 billion pledged by Congress up until April 2024 in relation to the war, as much as $68 billion was destined to be invested in domestic companies, <a target="_blank" class="" href="https://www.csis.org/analysis/how-supporting-ukraine-revitalizing-us-defense-industrial-base">according to</a> the Center for Strategic and International Studies think tank.

More US and European defense companies are setting up operations in Ukraine as the war rages on

<ul class="summary-list"><li>Longshoremen went on strike on Tuesday, shutting down East and Gulf Coast ports.</li><li>A prolonged strike would most heavily affect automakers importing vehicles from Europe.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">Dock workers across the East and Gulf Coasts </a>of the United States went on strike Tuesday morning.The effects of a prolonged work stoppage would likely be <a target="_blank" class="" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">felt throughout the US economy</a>, including the automotive industry, which depends on ports like New York, Baltimore, and Savannah to handle millions of vehicles arriving from abroad.Fortunately for US consumers, there is a glut of inventory at dealerships across the country, so the immediate impacts of the strike will likely be limited.The latest September data provided by <a target="_blank" class="" href="https://www.coxautoinc.com/market-insights/new-vehicle-inventory-august-2024/">Cox Automotive</a> shows that more than 2.84 million new cars are on sale. If no new inventory arrives, car companies have, on average, a 77-day supply of vehicles to sell. That's well above last year's levels and higher than the 65-day level industry experts agree to be the healthiest. European carmakers like BMW, Mercedes-Benz, Volkswagen, and Volvo will be most heavily affected, <a target="_blank" class="" href="https://www.reuters.com/world/us/us-east-coast-dockworkers-head-toward-strike-after-deal-deadline-passes-2024-10-01/">Reuters reported</a>, citing research by Barclays analysts. But most of these automakers have significantly more than the national average of 77 days of inventory.<div type="image" title="Car for export and import parked on Thursday, May 16, 2019 at the port in Bremerhaven, Germany" height="2064" width="4848" msid="113860491" hostid="261" sizebytes="1336476"></div>According to Cox, BMW has 88 days, Mercedes has 100 days, and Volvo has a 142-day supply.As for VW, the Volkswagen brand has a healthy 66-day supply, while its Audi luxury division has an 86-day supply.The <a target="_blank" class="" href="https://governor.maryland.gov/news/press/pages/governor-moore-announces-new-port-of-baltimore-cargo-records.aspx">Port of Baltimore</a> led the nation last year, handling more than 847,000 cars and light trucks. BMW, Mercedes-Benz, Volvo, and Volkswagen all operate vehicle processing and distribution facilities at the port.Although West Coast ports, which aren't affected by the strike, handle the bulk of traffic coming from Asia, automakers like Toyota and Hyundai also use East Coast ports.Toyota, which brings vehicles for its southern dealerships ashore in Jacksonville, does have the benefit of a hearty inventory to rely upon. Both the main Toyota brand and its Lexus luxury division have less than half of the national average, with 35 and 30 days' worth of inventory, respectively.A Toyota spokesperson told Business Insider in a statement that the company is "monitoring the situation closely and developing countermeasures to minimize any impact" on its customers and dealers.<div type="image" title="Kia Telluride SUVs at the Port of Brunswick in Georgia awaiting transport." height="1688" width="3000" msid="113860488" hostid="261" sizebytes="298436"></div>Other key ports include Savannah and Brunswick in Georgia, which combined processed 830,000 vehicles last year from brands like Mercedes-Benz, Hyundai, and Kia. At the same time, the Port of Jacksonville handled just over half a million vehicles from Toyota and Volkswagen in 2023.More than 45,000 dock workers represented by the International Longshoremen's Association (ILA) walked off the job on Tuesday after failing to come to terms on a new work agreement with a consortium of maritime employers called the United States Maritime Alliance (USMX).The ILA's demands include a 77% increase in pay over the lifetime of the six-year agreement and limits on automation at the ports, <a target="_blank" class="" href="https://apnews.com/article/longshoremen-strike-pay-automation-ports-jobs-consumers-3aa66e0a05db25a49645fad404a5f000">the AP reported</a>.The USMX has counted by offering to increase wages by nearly 50% and retain the current policy on automation.

Car companies have plenty of inventory, but the port strike will affect European brands the most

<ul class="summary-list"><li>Contractors are developing a rocket artillery system for Europe that could rival HIMARS.</li><li>The heavier EuroPULS could carry twice as many rockets.</li></ul>Europe is building a multiple rocket launcher that resembles America's HIMARS, the ground-fired weapon that took on the precision strike missions that Ukraine's battered air force couldn't.<a target="_blank" href="https://www.knds.com/fileadmin/user_upload/content/Newsroom/PressAreas/2024_Eurosatory/EuroPULS/KNDS_DB_Ansicht_EuroPULS_EN.pdf">EuroPULS</a>, a truck-mounted multiple rocket launcher, is a collaboration between Franco-German defense firm KNDS and Israel's Elbit Systems. It's based on Elbit's Precise and Universal Launching System, or <a target="_blank" href="https://elbitsystems.com/product/puls/">PULS</a>, which is fielded by the Israel Defense Forces and several European nations.This raises the question of whether EuroPULS will be a competitor to HIMARS, or High Mobility Artillery Rocket System, a decades-old launcher which made its name in the Ukraine war. Comparing EuroPULS to HIMARS reveals platforms that are similar in concept. EuroPULS is mounted on an eight-wheel truck chassis, while HIMARS uses a six-wheel vehicle. A KNDS fact sheet describes EuroPULS as being 34-feet long, and weighing 38 tons, with a maximum road speed of 55 miles per hour.That makes it much heavier than HIMARS, which has a combat-loaded weight of 18 tons. But a larger vehicle can carry more rockets. EuroPULS has two pods, which can fire 12 rockets in 60 seconds, depending on the munition. HIMARS has one pod that can fire six GMLRS rockets or one long-range ATACMS missile. The price for a EuroPULS system hasn't been disclosed. But a HIMARS launcher costs almost $5 million apiece, according to 2024 US Army <a target="_blank" href="https://www.asafm.army.mil/Portals/72/Documents/BudgetMaterial/2024/Base%20Budget/Procurement/Missile%20Procurement%20Army.pdf">budget</a> figures, while a GMLRS rocket costs more than $100,000 each.European armies already field multiple launch rocket systems. Many, such as France's LRU and Germany's MARS 2, are based on the U.S. <a target="_blank" href="https://www.military.com/equipment/m270-multiple-launch-rocket-system">M270</a>, a tracked mobile rocket launcher, and its Guided Multiple Launch Rocket System rockets.<div type="image" title="One HIMARS launcher can carry six GMLRS rockets or one longer-range ATACMS ballistic missile." height="1333" width="2000" msid="111553882" hostid="261" sizebytes="204808"></div>EuroPULS broadens that menu of munitions. EuroPULS can fire a "mix of European legacy and PULS rockets," according to KNDS. Elbit markets a variety of PULS pods. Pod choices include 18 Accular 122-mm rockets with a range of 22 miles, 10 Accular 160-mm rockets with a range of 25 miles, four EXTRA extended-range rockets that can reach out to 93 miles, and two Predator Hawk weapons with a range of 186 miles. Different pods can be mounted on the same vehicle.What's also notable is that KNDS and Elbit are touting the ability of EuroPULS to fire all sorts of rockets. KNDS says the system is "adaptable to future missiles." Elbit says EuroPULS "will form the basis for a modularly scalable and flexible artillery system that can be integrated to fire from any mobility platform with pinpoint accuracy and safety. The open EuroPULS concept does not exclude any provider of respective missiles from cooperation enabling EuroPULS users to employ those."This suggests that EuroPULS could fire the GMLRS rockets launched by HIMARS. Except that HIMARS manufacturer Lockheed Martin has said that's not an option. "Our MLRS Family of Munitions cannot be integrated into the PULS system," a Lockheed Martin executive told <a target="_blank" href="https://www.defensenews.com/global/europe/2024/06/18/citing-missile-mismatch-lockheed-snarls-at-himars-challenge-in-europe/">Defense News</a>. "If Germany was to opt for PULS they could not gain access to our missiles."Whether EuroPULS could rival HIMARS is complicated. HIMARS does enjoy the immense advantage of its reputation in the Ukraine war, where it proved crucial in helping halt Russia's invasion in 2022. HIMARS rockets <a target="_blank" href="https://www.reuters.com/world/europe/ukraine-says-it-has-destroyed-50-ammunition-depots-using-himars-war-with-russia-2022-07-25/">destroyed</a> Russian ammunition depots and headquarters, disrupting logistics and command and control, and spurring Russian forces to move vital facilities deeper behind their lines. HIMARS and other GPS-guided weapons such as HIMARS have recently lost some of their luster, as extensive Russian jamming of GPS signals has <a target="_blank" href="https://www.businessinsider.com/russian-electronic-warfare-shows-us-needs-for-future-wars-2024-5">degraded</a> the accuracy of guidance systems. But for now, multiple rocket launchers are prized items.On the other hand, KNDS can use economic incentives as a carrot, or at least for European customers; Lockheed Martin produces its guided HIMARS rockets at plants in the US. The KNDS fact sheet stated that "European production base of launcher and ammunition planned."HIMARS is used, or has been ordered, by more than a dozen nations. But Elbit's PULS has already had some success in Europe, with the Netherlands and Denmark purchasing it, and <a target="_blank" href="https://www.janes.com/osint-insights/defence-news/weapons/future-artillery-2024-germany-plans-to-procure-puls-mrls">Germany</a> planning to buy five to replace MARS 2 launchers sent to Ukraine, and possibly as many as 89.To some extent, HIMARS may be a victim of its popularity, with questions about whether Lockheed Martin can meet surging demand for the launchers and rockets, though the company plans to boost <a target="_blank" href="https://www.thedefensepost.com/2024/02/19/lockheed-himars-production-60/">manufacturing capacity</a>. Ukraine for example has ordered new HIMARS launchers and the US Defense Department is replacing the launchers and missiles from its arsenal that it provided to Ukraine."Demand for such military capabilities risks outstripping supply, given limitations on how quickly industrial production capacity can be ramped up and given the need to also backfill or provide systems for Ukraine," James Black, assistant director for defense at the RAND Europe think tank, told Business Insider. "There are also industrial policy and security of supply questions at play, with many nations hoping to assure access to production lines and munitions in times of crisis or war, and with many countries hoping to secure lucrative domestic or export contracts. Collectively, such trends are prompting some militaries to consider possible alternatives to the US HIMARS system, though certainly that remains a major player in this competition for contracts."Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

A European rival to HIMARS takes shape 

<ul class="summary-list"><li>I was <a target="_blank" class="" href="https://www.businessinsider.com/became-american-citizen-to-could-vote-2024-11">born in the US</a> but have ancestral ties to both Poland and Portugal.</li><li>Gathering all the necessary documents to <a target="_blank" class="" href="https://www.businessinsider.com/why-more-americans-applying-for-second-passports-2024-7">apply for dual citizenship</a> took time and effort.</li></ul>I was born in the United States but travel widely and often think about moving abroad. I also want my <a target="_blank" href="https://www.businessinsider.com/mom-lists-the-benefits-of-giving-her-kids-dual-citizenship-2022-6">children to have the option</a> if they ever want to leave the US.In more recent years, as I became increasingly concerned about the political landscape in America and the impact it could have on my family's lives, I got serious about looking for ways to <a target="_blank" class="" href="https://www.businessinsider.com/second-passport-application-steps-to-consider-2024-7">gain citizenship in another country</a>.This process isn't possible for everyone. Among other obstacles, some people are unable to trace their roots because their ancestors were brought to the US as slaves.However, after doing a lot of research and submitting so much paperwork, I was granted <a target="_blank" class="" href="https://www.businessinsider.com/emily-in-paris-wrong-krakow-better-than-rome-european-travel-2024-9">citizenship in Poland</a> and Portugal before ever setting foot in either country.Here are the steps I took.<h2 id="abd813cd-f03d-4be1-97d8-ef04b07e230f">I started by creating a detailed family tree</h2>To build my tree, I did research on where each of my ancestors was born and the date they immigrated to the US.Then, I filled in the gaps by asking relatives and conducting research online. US government databases and Ancestry.com were my main sources for verifying things I'd already been told and looking into further <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-prediction-immigration-population-growth-housing-market-gdp-cbo-2024-2">immigration information</a>.In my experience, details as small as the exact year someone immigrated or where they were buried were critical.<h2 id="df385453-4ee0-489a-a991-05381a1ef5de">After looking into immigration laws, I found the documents I needed</h2>Once I had my tree, I researched immigration laws.Through my research, I found a few potential paths to citizenship but focused on Poland. My grandfather was Polish, and I had his Polish passport, so the process was straightforward.Most countries require original documents issued in that country, such as a birth certificate or baptismal certificate, to successfully apply for citizenship. In some cases, immigration attorneys can help track down these types of documents.<h2 id="8631757a-1b47-4b14-9dfb-f4aaef97b3f2">It was worth it for me to look into alternative paths to citizenship, too</h2><div type="image" title="view of Belem Tower in portugal" height="3456" width="4608" msid="115063144" hostid="261" sizebytes="1349042"></div>Although a common path to citizenship is through descent, several countries offer alternate avenues. It's worth looking into different immigration laws, especially if tracing exact roots and finding original documents isn't possible.I was able to get Portuguese citizenship by proving I am a descendant of Sephardic Jews who were expelled from the Iberian Peninsula in the 15th Century. Although the <a target="_blank" class="" href="https://www.lvpadvogados.com/nationality-for-descendants-of-sephardic-jews-to-end-in-december">deadline to apply for nationality</a> under that specific Portuguese law was January 1, 2024, similar laws may exist in other countries.For example, <a target="_blank" class="" href="https://www.businessinsider.com/spain-is-betting-on-immigrants-to-boost-its-economy-2024-10">Spain grants citizenship</a> to those who fled the Franco dictatorship during the Spanish Civil War and their descendants. Austria and Germany also offer it to the descendants of Jews who fled the Nazis.In some cases, countries will even give you citizenship in exchange for a sizable investment, like real estate.<h2 id="72ec9f94-49aa-4a80-8e9b-41337a1f10ee">Connecting with others going through the same process helped a lot</h2>One of the best decisions I made was joining social-media groups for Americans looking to gain dual citizenship.I regularly received tips and swift answers to questions from people who were experiencing the same thing as me. It was also a great way to connect with people with similar heritage.<h2 id="de72d8fc-7b74-450f-b0db-7b591e59483c">Hiring a local immigration attorney gave me a lot of peace</h2>Before investing a lot of time and money in the citizenship process, I wanted to get an honest assessment of my chances.To ease my mind, I had free consultations with an attorney in Poland and one in Portugal. From there, I hired them to help me troubleshoot problems.Although hiring an attorney isn't always required, I thought it was time and money well spent. I was also very glad I used local attorneys who are experts in their country's process.<h2 id="db066f00-4f42-4142-b7dd-7fac176e1218">I had to gather a lot of documents before submitting my applications</h2>Poland and Portugal required a ton of documents to apply for citizenship.In both cases, my local attorney filled out the necessary forms, but I was responsible for obtaining everything else. I needed to submit my birth certificate and marriage certificate, among others.Because my Polish citizenship is based on descent, I also needed to submit documents proving that I was descended from my grandfather, including my grandparent's marriage certificate and my parents' birth certificates.For my Portuguese citizenship, I was able to submit a letter from a rabbi about cultural practices and proof that my grandfather was buried in a Sephardic section of a cemetery. I also needed to submit an <a target="_blank" class="" href="https://www.businessinsider.com/job-application-background-checks-employment-history-drug-screening-2023-6">FBI background check</a>.Once I gathered all the documents, my attornies submitted my applications for me.<h2 id="263e23e6-7a65-4b1b-9613-d1ba421004f9">It took a long time to get citizenship</h2><div type="image" title="jamie's kids posing in a town square in krakow poland" height="3024" width="4032" msid="115063148" hostid="261" sizebytes="529724"></div>After submitting, there was nothing to do but wait.My application for Polish citizenship was granted in about a year. I didn't get Portuguese citizenship until nearly three years after I applied.Waiting was the most frustrating part of the process. However, once I held my <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-passports-world-ranked-2023-1">new passports</a> in my hand, I forgot about it.I love having the freedom to move abroad. Now that my children also have dual citizenship, I rest easy knowing that they have the same opportunity.

I'm an American who got citizenship in 2 European countries without setting foot in either one. Here's how I did it.

<ul class="summary-list"><li>Russia's economy is staring at "near stagnation," according to Anders Åslund.</li><li>The Swedish economist thinks sanctions are biting into economic growth. </li></ul>Russia's economy is coming closer to a near-stop — and Moscow looks bound to run out of resources to fund its war against Ukraine.That's according to Anders Åslund, a Swedish economist who says Russia's economy is taking a bigger hit from Western sanctions than some believe.While Putin has blown off the impact of Western restrictions, sanctions could be knocking off as much as 3% of Russia's GDP each year, Åslund estimated — the equivalent of $56.4 billion a year, given <a target="_blank" href="https://tass.com/economy/1743227">Russia's current dollar GDP</a> of $1.88 trillion in 2023."Contrary to what the Kremlin would like others to believe, time is not on Russia's side," Åslund wrote in an op-ed for <a target="_blank" class="" href="https://www.project-syndicate.org/commentary/russia-war-economy-weakening-under-sanctions-by-anders-aslund-2024-10">Project Syndicate</a> on Tuesday. "My own view is that the current sanctions regime shaves off 2-3% of GDP each year, condemning Russia to near stagnation. Moreover, the situation will get only worse for Putin, perhaps even impeding this campaign of aggression against Ukraine."Russia's GDP technically grew 3.6% last year, with another <a target="_blank" href="https://www.imf.org/en/Countries/RUS">3.2% real GDP growth expected in 2024</a>, according to estimates from the International Monetary Fund. But economists have noted that much of Russia's growth has been fueled by aggressive government <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-currency-inflation-budget-2024-9">spending on the war</a>, while longer-term indicators of economic health have soured.<a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-ukraine-war-worker-shortage-population-brain-drain-2024-8">Labor productivity</a>, for instance, dropped more than 3% last year, thanks partly to an ongoing brain drain in the nation's workforce.Russia's energy business, which supplies a major portion of its total revenue is also struggling. Moscow's <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">oil and gas revenue dropped</a> by nearly a quarter in 2023, thanks to tumbling oil prices and sanctions targeting the nation's energy trade.Inflation, meanwhile, is roaring. <a target="_blank" href="https://tass.com/economy/1847635">Consumer prices rose 8.5% year-per-year</a> the week of September 17, according to official figures from Russia's Economic Development Ministry. It's likely prices are running even hotter than what those figures suggest, Åslund said, pointing to a long history of Russia understating inflation numbers during the time of the Soviet Union."The only sectors of the Russian economy that are growing are the military and related infrastructure, where state-owned companies sell to the state at (probably inflated) administered prices. The rest of the economy is flat at best," Åslund wrote.Russia is also in a tough spot when it comes to financing the war against Ukraine. The nation has had difficulty borrowing cash from other countries after it was shut out of SWIFT, the global financial communications system, which means that the economy is primarily feeding off tax revenues and reserves.Russia has depleted a large chunk of its National Wealth Fund, which had around <a target="_blank" class="" href="https://www.reuters.com/markets/europe/russian-national-wealth-fund-rises-1415-bln-june-1-2024-06-05/">$56 billion</a> left in liquid assets at the start of June, according to data from Russia's finance ministry.While Russia has moved to raise <a target="_blank" class="" href="https://tass.com/economy/1816407">personal</a> and <a target="_blank" class="" href="https://tass.com/economy/1816413">corporate taxes</a>, that's unlikely to make a huge difference in the grand scheme of the Kremlin's finances, Åslund said, as there aren't many bond buyers keen to pick up Russia's debt."Including all the hidden costs, Russia will probably spend about $190 billion, or 10% of GDP, on the war this year, and that figure presumably represents the peak, given the constraints imposed by Western financial sanctions," he added, suggesting Russia could only sustain its war efforts for a limited amount of time. "Whenever Russia can no longer finance a budget deficit, it will have to cut public expenditures, and its non-military outlays have already been pared to the bone."Economists have warned that a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-9">dark and uncertain</a> future is looming for Russia, with the mounting costs of the war cannibalizing<a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/putin-russia-economy-ukraine-war-wagner-mutiny-rebellion-west-sanctions-2023-7"> key parts of its economy</a>. At this point, the Kremlin's war spending is likely the only thing preventing the nation from <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-currency-inflation-budget-2024-9">slipping into an immediate recession</a>, economists told Business Insider.

Russia's economy faces 'near stagnation' with sanctions whittling down annual GDP growth, European economist says

<ul class="summary-list"><li>Europe is clamping down on Chinese electric cars.</li><li>The EU voted to impose sweeping tariffs on Chinese carmakers on Friday.</li></ul>Europe is <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">clamping down on Chinese electric cars</a> — but the move to protect the continent's automakers could create a new problem for the likes of Volkswagen and BMW.The European Union <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/statement_24_5041">voted to impose sweeping tariffs</a> on Chinese EV makers on Friday as it seeks to protect its automotive industry from what the bloc claims are <a target="_blank" class="" href="https://www.businessinsider.com/eu-chinese-ev-subsidies-market-cheap-prices-cars-2023-9">unfairly subsidized cheap Chinese electric vehicles</a>.The move will see China's fast-growing EV makers hit with a maximum 35.3% tariff on their vehicles, on top of an existing 10% levy. They will be as low as 7.8% for Teslas made in China, with the highest for manufacturers such as MG owner SAIC.The decision to impose the new tariffs wasn't unanimous, with Germany and Hungary among the nations expected to have voted against them.Germany has faced pressure from its automotive industry, with companies like Mercedes-Benz Group and BMW that sell large numbers of cars in China concerned the Chinese government might retaliate.China is the biggest market for Volkswagen, which sold 3.23 million vehicles in 2023, up 1.6% on the previous year, despite what it called a "challenging market environment."The BMW Group sold almost 825,000 BMW and MINI vehicles in China last year, up 4.2%, while Mercedes-Benz car and van sales dipped 2% to about 770,000.German Finance Minister Christian Lindner posted on X on Friday that the new tariffs "should not trigger a trade war.""We need a negotiated solution," he wrote.Investors appeared relaxed about a potential sales threat, however, with VW stock trading 2.5% higher, BMW up 1.8% and Mercedes-Benz 1.5% ahead in Frankfurt on Friday.Hungary, meanwhile, has bet big on EVs under <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-hungarian-leader-viktor-orban-leader-of-turkey-gaffe-2023-10">Viktor Orbán</a>, with BYD setting up <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">its first European manufacturing plant in the country</a>.The tariffs are meant to provide European carmakers breathing space as they transition to selling all-electric vehicles by the <a target="_blank" class="" href="https://www.businessinsider.com/jeep-chrysler-stellantis-halting-belvidere-illinois-plant-blaming-electric-vehicles-2022-12">EU's target of 2035</a>.But they also run the risk of Beijing retaliating, with the Chinese government already opening investigations into a range of European products.<h2 id="140f6f42-8327-4541-b56d-b6faf5d45fad">Sliding sales</h2>Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">EV sales in Europe slumping</a>, and many companies are growing increasingly nervous about the prospect of big fines if they fail to meet strict emissions targets that kick in next year.The CEO of French carmaker Renault warned last month that if EV sales stay at the same level, the European car industry may face fines of up to 15 billion euros ($16.5 billion)."Everyone is talking about 2035, in 10 years, but we should be talking about 2025 because we are already struggling," Luca de Meo told French radio in comments reported by Reuters.Experts have warned that any changes to these emissions targets could hurt Europe's already stuttering EV sales.A report from the NGO <a target="_blank" class="" href="https://www.transportenvironment.org/articles/tariffs-wont-save-european-ev-manufacturing-if-eu-drops-co2-targets-analysis">Transport &amp; Environment</a> found that while tariffs on Chinese EV companies would likely be effective, delaying the 2025 emission targets could hamper the rollout of more affordable European EVs, potentially leaving consumers with fewer cheap electric options.The report said that delaying this target would cause European car manufacturers to continue prioritizing more profitable combustion engine vehicles, delaying the rollout of cheaper EVs and ultimately hurting sales."Higher EV tariffs are right but only in tandem with the car CO₂ targets. They are part of a coherent industrial policy to boost electric car production in Europe," said Julia Poliscanova, a senior director at Transport &amp; Environment."The EU risks having the worst of both worlds if it delays the 2025 CO₂ targets while limiting the affordable models imported from China," she added.The EU did not immediately respond to a request for comment from Business Insider.

The EU just made Chinese EVs a lot more expensive — and created a new threat for European automakers

<ul class="summary-list"><li>An aide to the Hungarian PM was criticized after suggesting Hungary wouldn't have resisted a Russian invasion.</li><li>He referred back to a 1956 uprising in Budapest, which the Soviet Union brutally repressed.</li></ul>A top aide to Hungarian Prime Minister Viktor Orbán has drawn criticism for suggesting that his country would not have resisted a Russian invasion like Ukraine did, according to multiple reports.Balázs Orbán, the prime minister's highly influential political director, made the remarks <a target="_blank" class="" href="https://www.youtube.com/watch?v=y2Okk78M8LI">on the podcast of a conservative Hungarian news magazine</a>.Balázs Orbán, who is also an MP, is not related to Viktor Orbán."We probably would not have done what President Zelenskyy did two and a half years ago, because it is irresponsible, because one can see that he took his country into a war of defense," Balázs Orbán said, <a target="_blank" class="" href="https://telex.hu/english/2024/09/26/based-on-1956-we-probably-wouldnt-have-done-what-zelensky-did-who-took-his-country-into-a-war-of-defense">according to Hungarian outlet Telex</a>."So many people have died, so much territory was lost," he continued, adding: "It is their sovereign decision, they could choose to do it, but if they had asked us, we would not have recommended it."He said this was because Hungary had tried and failed to resist the Soviet Union in 1956.That year, Hungary — then a satellite state to the bloc — demanded democratization and a move away from Soviet control. Its uprising was brutally repressed by Moscow's forces, who killed at least 2,700 people, with more than 180,000 people fleeing the country."One has to treat the very precious Hungarian lives with great care," he said, per Telex.Balázs Orbán's remarks have caused uproar among Hungarian opposition politicians, but he has continued to defend his position, saying that hundreds of thousands of Ukrainians have died "for nothing," <a target="_blank" class="" href="https://www.politico.eu/article/hungary-russia-viktor-orban-balazs-orban-ukraine-war-volodymyr-zelenskyy-vladimir-putin/">Politico reported</a>.He later said <a target="_blank" class="" href="https://x.com/BalazsOrban_HU/status/1839354087042957702">in a post on X</a> that reporting on his remarks was "fake news," adding that "we cannot equate 1956 with the current Russia-Ukraine war."Hungary's position is "pro-peace," he said. Viktor Orbán, the Hungarian leader, attempted to downplay his aide's comments in an interview on Friday, <a target="_blank" class="" href="https://www.politico.eu/article/viktor-orban-balazs-orban-hungary-surrender-war-in-ukraine-russia/">Politico reported</a>.He said Orbán "confusingly phrased his words" but wouldn't hesitate to defend his country, per the outlet.Viktor Orbán is Russian President Vladimir Putin's closest ally in the European Union, a position that has put him <a target="_blank" class="" href="https://www.businessinsider.com/hungary-prime-minister-viktor-orban-shunned-europeanu-union-russia-putin-2024-7">strongly out of favor</a> in the bloc.He has opposed both sanctions on Russia and aid to Ukraine, and has accused the EU of <a target="_blank" class="" href="https://apnews.com/article/russia-ukraine-politics-government-european-union-viktor-orban-a404e437593bddf9b0e8b23482f2872e">prolonging the war</a> by offering military assistance to Ukraine.Orbán's hard-right Fidesz government has admirers in the US.Former President Donald Trump has also advocated for negotiations with Putin.Earlier this week, Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-touts-russia-army-history-justify-deal-putin-over-ukraine-2024-9">pointed to Russian and Soviet military history</a> to make his argument for doing a deal. "That's what they do, they fight," he told supporters at a rally. "And it's not pleasant."

A European leader's top aide suggested his country wouldn't have resisted if Russia had invaded it

<ul class="summary-list"><li>Far-right parties were victorious in the European Parliament elections. </li><li>Leaders in France and Germany are scrambling. </li></ul>Leaders across Europe are scrambling after the <a target="_blank" href="https://www.businessinsider.com/meta-election-tool-voter-privacy-user-data-collection-european-union-2024-6">European Union's parliamentary elections</a> showed a surge in support for far-right and nationalist parties.The EU elections, held in 27 countries from June 6 to 9, showed especially strong support for <a target="_blank" href="https://www.businessinsider.com/european-nationalism-risk-2015-9">anti-immigrant, nationalist</a> figures in France and Germany.France and Germany are two of the continent's largest powers and are often regarded as drivers behind the experiment of pooled sovereignty, The New York Times reported.Meanwhile, in Italy, Prime Minister Giorgia Meloni and her hard-Right Brothers of Italy party took 29% of the vote for the EU assemblyThe results could mean that it will be harder for the European Parliament to make decisions, noted the <a target="_blank" href="https://apnews.com/article/eu-european-election-france-germany-far-right-f3823de802e9a90570abc53e7f6b6931">Associated Press. </a>It said that European party officials met throughout Monday to discuss what alliances might be formed in the parliament for the next five years. EU presidents and prime ministers are set to hold a meeting on June 17 about the results. <div type="image" title="President Macron" height="512" width="683" msid="110881486" hostid="261" sizebytes="18844"></div><h2 id="4da6598a-70bd-4e82-9fb7-d6b7be993bb9">A snap election in France</h2><a target="_blank" href="https://www.businessinsider.com/nato-emmanuel-macron-ukraine-france-weapons-hit-russia-one-condition-2024-5">French President Emmanuel Macron</a> on Sunday announced he would dissolve France's National Assembly (the lower house of the French Parliament) after the country's far-right party, the National Rally, led by the French lawyer Marine Le Pen, handily defeated the ruling coalition.Macron's centrist alliance had a 14.6% vote compared to the far-right National Rally's 31.4% vote.The dissolution of the assembly is a <a target="_blank" href="https://www.businessinsider.com/france-snap-election-president-macron-radical-gamble-backfire-2024-6">high-stakes gamble</a>, and it will mean new elections will be held in France between June 30 and July 7. It could result in Macron's Renew Party losing additional seats to rivals in the anti-immigrant National Rally.It could also significantly decrease Macron's influence over domestic policy. Alain Duhamel, a veteran political analyst, told the <a target="_blank" href="https://www.ft.com/content/5a523bd1-cd2d-411f-8de2-4808271ceedc?accessToken=zwAGGoZDORg4kc9aUjvRzS1BH9ON4kgIJxzu3A.MEYCIQDYt4pgjYHyIipk2FiYoM-rhwVIKpTnHJwVq115LhRxzQIhAKpEuLGqXhmGqrJvrJ9sfpk2pcE83jA3Qx4McY6Mw-Sf&amp;sharetype=gift&amp;token=c98ab491-1d2d-428e-91e7-763a1f22c113">Financial Times</a> that the election would likely result in a cohabitation government with a prime minister from an opposition party."This is a serious, weighty decision, but above all, it's an act of trust," Macron said of his decision, according to the Journal. "Confidence in you, confidence in the ability of the French people to make the right choice for themselves and for future generations."<h2 id="5a57f868-f2f3-448d-b5a8-d09c71173359">Germany's future uncertain</h2>Similarly, Germany's future is uncertain after its ruling coalition parties — the Social Democrats, Greens, and Free Democrats — faced defeat.Support for the Greens decreased by almost half, while German chancellor Olaf Scholz's Social Democrats party recorded its worst result in a major election in more than a century, <a target="_blank" href="https://www.politico.eu/article/eu-european-election-results-2024-german-coalition-olaf-scholz-social-democrats/">Politico</a> reported.<div type="image" title="Chancellor Olaf Scholz lines up to vote in the European Parliamentary election" height="683" width="1024" msid="110881487" hostid="261" sizebytes="26370"></div>According to the outlet, the center-right Christian Democrats gained a majority of the vote with 30.2%.<a target="_blank" href="https://www.businessinsider.com/what-is-alternative-for-germany-2013-3">Alternative for Germany</a>, or AfD — considered a "suspected" extremist group by German authorities — also surged in support. AfD overtook Germany's Social Democratic Party, which has been the leading party in the country since Scholz was elected chancellor in 2021.Politco reported that AfD received 16% of the vote, up from around 11% in 2019, compared with a combined 30% for the three parties in Germany's governing coalition.<h2 id="8048c8d3-944d-40e8-8d79-0ff65074b81e">Belgium moves to the right</h2>In Belgium, the European elections coincided with the country's national and regional elections. According to another Politico report, the right-wing New Flemish Alliance and Francophone liberal Reformist Movement consistently won all three.Prime Minister Alexander De Croo announced his resignation after his party, the center-right Open Flemish Liberals and Democrats, was unsuccessful across the board."For us, it's a particularly difficult evening. We lost. As of tomorrow, I will resign as prime minister," De Croo said in a speech on Sunday.The AP noted that since the 2019 European Parliament <a target="_blank" href="https://www.businessinsider.com/stock-market-analysis-india-narendra-modi-mexico-claudia-sheinbaum-volatility-2024-6">elections</a>, far-right politicians have led in Hungary, Italy, and Slovakia and are part of ruling coalitions in Sweden, Finland, and the Netherlands. The Times reported that the parties had gained support in large part because of a focus on nationalism and identity tied to anti-immigration and anti-LGBTQ+ sentiment.This year's elections seem to strengthen the right's power across the European Union and offer a rebuke to Europe's political establishment. Should more far-right parties gain power, it would become harder for the parliament to pass laws across the EU, and this may impact negotiations between Ukraine and Russia. Much of the EU's far-right has a pro-Russia stance, pushing for a peace deal between the countries on Russia's terms, the Times reported.Representatives for the European Parliament didn't immediately respond to a request for comment from Business Insider.

European leaders are scrambling after a surge in support for the far-right

<ul class="summary-list"><li>The national debt has blown past $35 trillion, and it's only going to go up under Trump or Harris.</li><li>Left unchecked, unsustainable deficits will slow GDP growth, decrease savings, and spur inflation.</li></ul>The US has a big, $35 trillion problem: the national debt.After a bout of pandemic stimulus, the <a target="_blank" href="https://fred.stlouisfed.org/series/GFDEGDQ188S">national debt</a> ballooned from an already hefty 103% of GDP in 2019 to 120% currently.Left unchecked, the deficit will continue to creep higher and could drag GDP growth. Too much government spending reduces public and private savings levels, decreases labor productivity, and increases our dependence on foreign investment, according to <a target="_blank" href="https://www.businessinsider.com/immigration-policy-boost-labor-market-national-debt-job-market-taxes-2024-10">Chris Brightman</a>, CEO and CIO of the investment advisory Research Affiliates.<div type="image" title="Federal budget deficits crowd out national saving" height="648" width="1237" msid="114740934" hostid="261" sizebytes="20852"></div>If the US debt continues on this trajectory, Brightman predicts that the US could follow in the footsteps of European economies and see annual GDP growth decline to 1%.<div type="image" title="High spend and national debt associated with slow growth for various countries" height="580" width="923" msid="114740936" hostid="261" sizebytes="20990"></div>That's not to mention that welfare programs like Social Security will be on the chopping block. According to the Social Security Administration, Social Security benefits will be reduced by almost 25% starting in 2034 if nothing is done to address the national debt.<h2 id="ff5f9554-8d16-41da-bb6b-669693d7fe8e">No change in November</h2>Neither Harris nor Trump have a plan to address the deficit.In fact, both candidates are pushing policies that would increase deficit spending. If there's a blue or red sweep in November, government spending levels will be even higher.There are two main ways to reduce deficits, according to Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group. The first is to grow your way out. By growing the economy at a faster rate, the proportion of debt to GDP decreases."Nobody wants to really think about Plan B. Plan B is either raising taxes or cutting social programs and raising taxes when inflation is high," Yoshioka said.Both of those policies are incredibly unpopular, which is why the candidates haven't said much on the topic.However, growing GDP won't be sufficient to fix the situation, according to Brightman. "The math doesn't work," he said. If GDP continues to grow at its predicted pace of 2% per year, that's not even enough to cover the US government's interest payments on debt, much less reduce the principal amount. Interest costs are projected to reach 3.4% of GDP by 2025, and 4.1% by 2034.<h2 id="c865dcdc-9063-4908-8e2c-e1b6f1e4bae8">How to invest</h2>Until the government takes steps to get the deficit under control, there are a few things investors can do to protect their holdings.Continued high national deficits could put the credibility of US sovereign debt into question, leading to a depreciating dollar and increased inflation.The US government might try to use inflation to chip away at the real value of the debt by pursuing expansionary monetary policies such as quantitative easing, according to Jeff Muhlenkamp, portfolio manager at Muhlenkamp &amp; Company. If the US dollar were to decrease in value, the government could repay the debt more cheaply than when it was first incurred."As the US government continues to get deeper in debt, how are they going to work their way out of that?" Muhlenkamp said. "One of the potential outcomes ends up being a devaluation, and <a target="_blank" href="https://www.businessinsider.com/how-to-invest-in-gold-price-record-highs-safe-haven-2024-10">gold</a> is a nice hedge against that.""Real" assets, or investments backed by tangible resources, are generally a good hedge in a high-debt environment, according to JPMorgan. These investments have direct intrinsic value and tend to store long-term value effectively. Examples include commodities, real estate, and infrastructure. Muhlenkamp likes the energy sector in particular. JPMorgan also recommends increasing exposure to non-US dollar-denominated assets.Avoid long-term Treasurys, Muhlenkamp added."Where you definitely don't want to be is in long-term government debt," he said. "[The government] will inflate away the value of the debt if they can get away with it."Muhlenkamp is predicting that the next decade will see <a target="_blank" href="https://www.businessinsider.com/higher-long-term-inflation-outlook-investing-strategy-attractive-bonds-stocks-2024-10">increased inflation</a>, which will eat away at bond yields.Yoshioka points out that there's also the risk of a failed treasury auction, which is when the Treasury Department doesn't receive enough bids to take on the debt it's trying to sell. If this were to happen, the Federal Reserve would need to step in and purchase the unwanted bonds by printing money, creating more inflation.Some funds that offer exposure to real assets include the iShares US Energy ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-us-energy-etf-us4642877967?miRedirects=1">IYE</a>), the Fidelity MSCI Real Estate Index ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/fidelity-msci-real-estate-index-etf-us3160928574?miRedirects=1">FREL</a>), and the iShares Gold Trust (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-gold-trust-us4642852044?miRedirects=1">IAU</a>).

You Searched For "European nations" and got 11 results

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I'm an American who got citizenship in 2 European countries without setting foot in either one. Here's how I did it.

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A European leader's top aide suggested his country wouldn't have resisted if Russia had invaded it

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