As bad as Europe's energy shortage was in the wake of sanctions the EU imposed on Russia following the invasion of Ukraine, it is about to enter a crisis mode. Russia shut down the Nord Stream pipeline indefinitely, allegedly for "leaks" in the system, though many believe it's just President Vladimir Putin's latest measure to punish his European neighbors for their sanctions.
Gazprom has released a photo of the alleged "oil leak" that's going to keep the Nord Stream 1 gas pipeline closed for now.
- The pipeline shutdown comes as European nations were scrambling to top off natural gas storage centers ahead of winter and attempt to forecast what Putin may or many not do in the coming weeks as the 'energy war' continues.
Entire German economy being plunged into Dark Ages due to insane electricity prices; manufacturers HALT production
Energy has become so expensive in Germany that the (soon-to-be former) economic powerhouse of Europe is now seeing a manufacturing shutdown that threatens to collapse the nation - and eventually the entire continent. Calling the situation "alarming," economic minister Robert Habeck announced that while industry has been working over the past several months to reduce gas consumption, many companies have just "stopped production altogether."
Germany’s excessive operation leverage is “much more than Lehman Brothers”
- Large swaths of the German economy rely on Russian energy, which Europe is refusing to buy due to US-led sanctions over the Ukraine crisis
- Unless Germany starts buying from Russia again, which does not appear likely, then Germany will go bye-bye in the coming months
- Germany's economy relies on cheap energy, and without it conducting business, especially in a globally competitive economy, becomes impossible
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