Posted on 07/23/2023 6:43:48 PM PDT by SeekAndFind
On Tuesday, April 25, 2023, Huw Pill, the Bank of England's chief economist, warned U.K. citizens that they need to accept that they are poorer and stop pushing for higher wages. "Yes, we're all worse off," he said, saying that seeking to offset rising prices with higher wages would only fuel more inflation. "So somehow in the U.K., someone needs to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing energy costs through on to customers, et cetera."
This was a somber assessment of the state of the U.K. economy and, arguably, of the European Union (E.U.) economy, too.
For 30 years, the E.U. bought cheap natural gas from an adversary, Russia, to fuel its nations' economies. The cheap gas allowed them to maintain cost parity with their Asian and U.S. competitors in the world export markets for manufactured goods like machinery, vehicles, and chemicals, all energy-intensive manufacturing processes. At the same time, they shut down fossil fuel power plants and even nuclear power plants, although the latter emits only heat and water vapor as byproducts of their operations.
In doing so, they abandoned 79 billion tons of domestic coal reserves across the E.U., further placing their manufacturing sector at the mercy of foreign energy producers.
Then, when the E.U. placed an embargo on the import of fossil fuels from Russia due to the latter's invasion of Ukraine, Vladimir Putin, Russia's president, administered the coup de grâce: he cut off the supply of Russian gas to the E.U. from the Nord Stream One pipeline. Parties unknown sealed the fate of the E.U. when they blew up the undersea pipeline, ensuring that the supply of cheap natural gas to the E.U. had ended.
(Excerpt) Read more at americanthinker.com ...
Nat Gas is just a small component of prices.
And Nat gas is very cheap this summer.
Most of the EU is not doing the “green” thing as much as before.
Mostly it’s just Germany that’s still obsessed.
You just cannot come to terms that this war is a disaster for the West and you love you some Bidenomics. Why don’t you shove off to DU where you will fit right in?
Bidenomics is the justification for domestic overspending, absurdly said (in 2021) to prevent inflation.
And then there is economics-economics, which real people use. You reject this, AKA reality.
So what have you got left? Argument by assertion? Argument by what you pull from your, er, fundament?
DU is, amazingly, even more given to silliness than FR Ukraine threads.
There it’s all feelings. Here it’s all fantasising.
Their goal is really to starve & freeze the citizens to death, so there are less people. Nothing more, nothing less. They will become more tyrannical about it in the near future.
Daily Kos is my go to site for Ukraine war propaganda.(DU is the novice site)
The “no blood for oil crowd” are now military experts on the Russian Ukraine War. Many are yearning for US intervention to knock Russia out of action.
Their political goals can be summed up as first we destroy Putin and Russia, then we destroy MAGA.
The American Establishment has been pumping these kooks full of conspiracy theories that link Republicans to Russia, in both the foreign & domestic arenas.
The propaganda pitch is perfectly aligned with their liberal mindset.
the new world order is thier game and goal, the EU was set up to do this
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