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The EU’s Crisis Is Global: Neocolonialism, Hyper-Financialization and Hyper-Globalization Come Home to Roost
The EU’s Crisis Is Global: Neocolonialism, Hyper-Financialization and Hyper-Globalization Come Home to Roost The EU’s crisis isn’t limited to energy. It is a manifestation of the global breakdown of Neocolonialism, Financialization and Globalization. The European Union (EU) was seen as the culmination of a centuries-long process of integration that would finally put an end to the […]
Europe’s Nightmare Scenario Comes True: Energy Bills To Rise By €2 Trillion, Will Reach 20% Of Disposable Income
Europe’s Nightmare Scenario Comes True: Energy Bills To Rise By €2 Trillion, Will Reach 20% Of Disposable Income What is the scale of the energy challenge? We got a very shocking sense of the staggering numbers involved in the existential, crippling European crisis earlier today when Norwegian energy giant Equinor echoed what Zoltan Pozsar said […]
Nobody could have seen it coming
Nobody could have seen it coming Eighteen months ago, the UK average annual combined gas and electricity bill was £1,287. Later this week, we expect to learn that it will rise to £3,582 in October and to £4,266 in January 2023. Not, in reality, that anybody is going to pay that amount. All but those […]
Russia Admits Weaponization Of Gas, Halts NS1 Shipments “Until Sanctions Lifted” As EU Prepares Response To Energy Crisis
Russia Admits Weaponization Of Gas, Halts NS1 Shipments “Until Sanctions Lifted” As EU Prepares Response To Energy Crisis Putin is done playing around. Two days after Russia indefinitely halted nat gas supplies via the Nord Stream 1 pipeline for the amusing reason that there was an “oil leak” (shown below)… … on Monday Russia finally admitted what […]
Sweden, Austria Start Bailing Out Energy Companies Triggering Europe’s “Minsky Moment”
Sweden, Austria Start Bailing Out Energy Companies Triggering Europe’s “Minsky Moment” Last weekend, Credit Suisse repo guru published what may have been the most insightful snippet of the entire European energy crisis (to date) when he extended the infamous “Minsky Moment” framework to Europe, and specifically Germany, which he said “can’t cover its payments without Russian gas […]
“Exorbitant Rise In Energy Prices” Forces Europe’s Top Steelmaker To Close Plants
“Exorbitant Rise In Energy Prices” Forces Europe’s Top Steelmaker To Close Plants Even though European power and natural gas prices have subsided this week, Germany, the largest economy in the bloc, still faces historically high energy costs that have forced cuts in industrial output. The latest example is the world’s largest steelmaker, ArcelorMittal, which released […]
Darker and Colder: Europeans Warned of ‘Unprecedented’ Power Failures This Winter
Darker and Colder: Europeans Warned of ‘Unprecedented’ Power Failures This Winter “Production of electricity cannot keep up with demand.” jonathanfilskov-photography via Getty Images Europeans are being warned of ‘unprecedented’ power failures this winter as the energy crisis brings a foreseeable future that will be colder and darker. “There is an increased risk of a lack […]
Dead of Winter
Dead of Winter “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger In the United Kingdom, a grassroots protest movement has broken out in response to the ongoing energy crisis. With the bill from its failed national policies coming due, ordinary citizens are organizing campaigns to ensure they are […]
“How In The Name Of God”: Shocked Europeans Post Astronomical Energy Bills As ‘Terrifying Winter’ Approaches
“How In The Name Of God”: Shocked Europeans Post Astronomical Energy Bills As ‘Terrifying Winter’ Approaches Over the past week, shocked Europeans – mostly in the UK and Ireland – have been posting viral photos of shockingly high energy bills amid the ongoing (and worsening) energy crisis. Several of the posts were from small business owners who […]
European power prices shatter records as energy crisis intensifies
European power prices shatter records as energy crisis intensifies Power prices in Europe continue to smash records, intensifying the region’s energy crisis and fanning fears about access to electricity and heating as the weather begins to cool. Russia is one of the world’s top producers of oil and natural gas. German power prices for next […]
Wave Of European Ammonia Plant Closures To Exacerbate Food Crisis
Wave Of European Ammonia Plant Closures To Exacerbate Food Crisis A wave of European ammonia-plant shutdowns due to soaring natural gas prices has resulted in a devastating fertilizer crunch, worsening by the week, with as much as 70% of production offline. “Ammonia prices, though volatile, rose 15% in 3Q and could climb higher as Europe’s […]
“This Is Beyond Imagination”: Polish Homeowners Line Up For Days To Buy Coal Ahead Of Winter
“This Is Beyond Imagination”: Polish Homeowners Line Up For Days To Buy Coal Ahead Of Winter Several weeks ago we reported that amid Europe’s mindblowing gas and electricity prices, Deutsche Bank predicted that a growing number of German households will be using firewood for heating, a forecast which appears to have become self-fulfilling as German google searches for firewood […]
European Natural Gas Prices Are 6 Times Higher Than Last Year, And This Is Sparking Widespread Civil Unrest All Over Europe
European Natural Gas Prices Are 6 Times Higher Than Last Year, And This Is Sparking Widespread Civil Unrest All Over Europe This is going to be a bitterly cold winter for a whole lot of people. In particular, things are likely to get really uncomfortable in Europe. Soaring energy prices and concern about potential shortages […]
Belgian PM Warns “Next 5-10 Winters Will Be Difficult” As Energy Crisis Worsens
Belgian PM Warns “Next 5-10 Winters Will Be Difficult” As Energy Crisis Worsens Belgian Prime Minister Alexander De Croo might have spilled the beans about the duration of Europe’s energy crisis. He told reporters Monday, “the next 5 to 10 winters will be difficult.” “The development of the situation is very difficult throughout Europe,” De Croo told […]
