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Laura Ruggeri's Substack

Reformed academic writing about hybrid warfare and The Hegemon's Last Stand. Usually from my balcony in Hong Kong.

Newsletter · By Laura Ruggeri · HK · Official site

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Jul 9, 2026
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  1. Issue · Jul 9, 2026

    From Tax Haven to War Banker: Luxembourg’s Role in Europe’s Military Buildup (opens the original)

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    At the NATO summit in Ankara Luxembourg positioned itself as one of the alliance’s most vocal advocates for accelerated European rearmament. For a country of just 700,000 people, safely nested in Western Europe with virtually no standing army, this stance is obviously not driven by defence needs. Its calculation is purely financial.Luxembourg’s enthusiastic embrace of war rhetoric is rooted in its outsized role in global finance. Despite its tiny size, the Grand Duchy is among the world’s leadin

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