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It will most likely make Europe, along with the US and most of the world, poorer than would otherwise be the case.
Now, now. The rich, especially in the US, will become richer by a lot. And that’s all that matters… for them.
Then they’ll send their kids to live and study in Europe like third world oligarchs do with their kids, “I want all the benefits of liberal multiculturalism and rule of law for my offspring but not for my subjects”.