Back to nature! (Let us know how that turns out...)
Wall Street Journal (9/11/22) reports: "European industry thrived for decades on a steady supply of cheap Russian gas, which flowed uninterrupted throughout the Cold War and other times of tension between Moscow and the West. Since invading Ukraine, Russian President Vladimir Putin has weaponized the country’s vast stores of energy to undermine support for Kyiv. He turned off the taps to the biggest natural-gas pipeline, Nord Stream, completely this month. The impact has pushed Europe to the brink of recession and threatens to inflict lasting harm on its manufacturing businesses. Unlike the U.S., Europe leaned on manufacturing and heavy industry to keep its economy chugging in recent decades. A bigger chunk of its economy comes from the likes of steelmakers, chemicals producers and car makers. Europe’s energy crisis has left few businesses untouched, from steel and aluminum to cars, glass, ceramics, sugar and toilet-paper makers. Some industries, such as the energy-intensive metals sector, are shutting factories that analysts and executives say might never reopen, imperiling thousands of jobs. The question is whether the current pain is temporary, or marks the start of a new era of deindustrialization in Europe...In the city of Žiar nad Hronom, Slovakia, built around a 70-year-old aluminum factory that supplies car-part makers across the continent, some fear for their financial future. 'This is probably the end of metal production in Europe,' said Milan Veselý, who has worked at Slovalco, majority owned by Norway’s Norsk Hydro ASA, all his adult life, following in his parents."
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"Given the existential threat posed by climate change, it is imperative that we address it. Our plan – powered by the Inflation Reduction Act – represents the largest investment in fighting climate change in our country’s history. It will put us well on our way toward a future where we depend on the wind, sun, and other clean sources for our energy. We will rid ourselves from our current dependence on fossil fuels."
– Secretary of the Treasury
Janet L. Yellen
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