We look at how the Ukraine war is contributing to an energy crisis across Europe with Greek politician and economist Yanis Varoufakis. Last week Russia announced it would not resume sending natural gas to Europe via the Nord Stream 1 pipeline, blaming Western sanctions for supposed maintenance delays keeping the gas shut off. Prior to the war, Russia supplied Europe with 40% of its natural gas, but now European nations must find ways to cope with fuel shortages and soaring energy prices as winter approaches. Varoufakis says a history of market liberalization and reliance on cheap Russian gas has left the continent scrambling, in turn pushing up energy costs in the Global South as richer European countries buy up other sources of energy. “Yet again, Europe is exporting misery to the rest of the world,” says Varoufakis, a member of the Greek Parliament and former finance minister. His latest piece for Project Syndicate is “Time to Blow Up Electricity Markets.”
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Varoufakis is wrong @ 8:34 to say that "Asian nations" don't like Putin.
2 of the biggest Asian nations (China and India) both met with Putin at the The Shanghai Cooperation meeting in Uzbekistan and had very cordial exchanges solidifying their own respective trade deals.
Putin even congratulated a happy Modi for his birthday. Another Asian nation, Iran, is also going to join SCO.
So, Russia has the support of some Asian nations, that constitute nearly 3 billion people……….that's more than 3 times the size of the Western population which barely reaches 800 000 000.
As for Varoufakis saying that would be happy to see Palestinians claim back land from the Israelis…..he forgets that the same powers that have enabled Israel to annex arab land ……are the same powers that are supporting Ukraine!
Zalensky's wife is on record giving support to Israel.
Nice friends you have there, Yannis.
spot on, as always 🙂
African countries don’t like Putin. Where are you getting that from Yanis. You need to get out more. Just back from Africa. Vast majority of Africans supportive of Russia and despise the West. That said wholeheartedly agree with you about your comments on lack of free speech in UK
"Europe exporting misery to the rest of the world. We've been doing it for a thousand years". Another anti-West conspiracy theory. If the West did not buy or compete for Russian and Middle East oil and gas, does Varoufakis really believe these countries would produce for an African market? Nonsense! Africa today lives in the modern scientific world, thanks entirely to western aid and massive medical intervention. Africa today has infant mortality down to western levels, thanks to western created and western financed medical aid. As far as energy problems are concerned, state control does not change the supply problems. The world's prosperity (including Africa's and Asia's) for the last 70 years is entirely the result of free markets. Look at China. It abandoned state control and introduced a powerful internal free market. In fact, the energy crisis and indeed the climate problem are both the result of the huge success of the free market.
There is enough supply, the oil companies are just being greedy and capitalism is enabling hundreds if not thousands dying yet again and their cheerleaders are diverting away from this fact.
kakocracy now.
If only Varoufakis had been around in the 1980s. He could have spoken up for Thatcher when she went against the entire commonwealth in refusing to sanction the Apartheid regime.
Repeat after me: Irony is dead! and it's so lonely on a limb.
Why would anyone listen to that disgraced clown?
Not my king !
So, Democracy now, with the puppet of Soros who sold his country and became rich from the book he wrote. 😂🤣😂🤣😂
He should rejoice when Hawaii is free again
Telephone and internet so are a fake market. Thank you for your insight, Yannis Varoufakis!
💛🙏🌍
Utilities re highly regulated. They still have to pay for inputs, employment, maintenance of the grid, etc. It is not subject to competition other than alternatives, other fuels, hydro, etc. Yanis does not understand the US market for utilities.
Energy markets should remain within regions. Russia to Europe is across regions, across the poles of civilizations. If Europe wants energy, it can get it from nation-states within its own region. Impose sanctions and face the consequences. Your globalization is creating problems everywhere. The UniPolar, Globalized planet is based on greed and power.
Am 17 oh my god
🤍
New world
Live changes like a weather
Jibriil