A Severe Crisis Is Brewing In Europe
With the news on Friday that Russia will be halting natural gas transfer to Europe indefinitely, it seems a crisis in Europe is unavoidable.
Before the first bullet was fired in the on-going war in Ukraine, those of us who understood history and the economic chess game that Russia was waging with the western world were extremely worried. The economic consequences throughout Europe would be severe if Russia were to invade Ukraine. Unfortunately, Russia did invade and the second and third order effects of that are being felt world-wide. Nowhere is this being felt in a worse manner than in Europe. Before the war, Europe as a whole, received over forty percent of its natural gas from Russia. Germany, in particular, received 55% of its natural gas from Russia. Within months Germany has lost over 50% of its natural gas supply.
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