UnHerd writes…
“On one front are sanctions against Russia responding to the invasion of Ukraine. In February, the EU cancelled long-term, favourable contracts which sent the West into an unprecedented energy crisis. Gave puts the hastiness of these decisions down to the pressures of social media activism, or what he calls the ‘something must be done’ attitude: “Confiscating the Russian oligarchs assets, that’s something. Tearing up long-term gas contracts, that’s something.”
“At the same time, on the other front, the effects of the West’s war against climate change are being brought into sharp relief. In 2000, 86% of world energy needs were met by carbon. According to Gave, the West decided that climate change was such an existential threat that it “made it impossible to invest in carbon and poured money into solar and wind” instead. Much of the EU and US even forwent nuclear power, which was the reliable alternative.”
“Now both fronts are being fought at once, the West seems to have created the perfect conditions for its own economic crisis. For financial analysts like Gave, the real origins of the West’s economic downfall are almost entirely self-made.”
Host Freddie Sayers speaks to French financial analyst Louis Gave about the West’s self-made economic meltdown. Watch:
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