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Europe Turns Chaotic As Kremlin Follows Familiar Playbook
Regional equities were under pressure, the euro sank below 0.99 and benchmark gas prices jumped as much as 30% on Monday, as European markets grappled with the prospect of a deep recession in Germany amid a worsening energy crisis.
The tumult was a delayed reaction to the Kremlin's latest broadside. Late Friday, Gazprom, citing an oil leak, said flows won't resume through the Nord Stream following three days of maintenance. The "work" which preceded the announcement was widely seen as a pretext
Sure looks like the early stages of a 21st century version of a world war where the physical fighting remains limited due to nuclear deterrence while cyber and economic fighting begin to spread globally.
If we cannot support Ukraine and win this war against Russia, we Europeans deserve to end under the boots of Kremlin thugs.
European stocks are slumping and natural-gas futures are jumping after Russia said it was cutting off gas supplies through the Nord Stream 1 pipeline indefinitely., oil prices are climbing as OPEC+ agreed to 100,000 barrel cut per day.
Europe should get off its derriere and crank up support for Ukraine. Finish the war, finish Putin. And, of course, rebuild its energy strategy like its an emergency. Germany keeping nuclear plants idle beggars disbelief. New pipelines and LNG terminals not breaking ground every week, ditto. Stabilizing its energy market also seems like something Europe should be doing now, not starting to think about. Pricing all electricity at the highest marginal cost is nonsensical at the present.
It is a war of attrition and time now, both seem to favor Putin at this point, sad situation for everyone involved