Skyrocketing energy costs: Is European industry on the way out? | DW Business Special
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- Опубліковано 22 вер 2022
- Factories across Europe have been dialing down their production to save on energy. The knock-on effects of Russia’s invasion of Ukraine mean European gas and oil prices are now many times what they were at the start of the year. Is the production slowdown the beginning of the end for European industry? We answer that question and others with the help of Bruegel’s Maria Demertzis in this DW Business Special.
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#Deindustrialization #Energy #Europe
Great idea! I never tought of digitalization! We can digitalize the entire europe, and then we can live with digital food and digital heating. Problem solved!
1 real steak is probably only 10 ounces on average but am NFT steak could be 10 lb. Imagine how many digital beings that could feed.
We can digitalize Maria and send her to Mars 😊 .
😂.. brilliant response
Then of course we could complete our suicide by outsourcing everything to China...
Time to invest in Meta and harvest those sweet virtual dividends
ok this brings me hope, I guess its not that easy to brainwash ppl lol, Americans are bribing thinktanks and pundits to make Europe move its industries into the US, glad most ppl are not buying the bullsh1t
A country that can't make its own stuff is lost.
-me
I guess Russia is lost. They can't even make their own planes and cars...
A country that can't make its own stuff is poor, hungry, and lost.
-me
See a majority of Africa, too reliant on foreign aid
Far too many of their own people don’t know how to farm, fish, raise livestock
They will forever be stuck in poverty if they don’t become self sufficient
Who live in the past will never progress.
Europe will abandon Ukraine. -me 😂
It is sad how that woman wants to throw manufacturing under the bus in favor of "digital" industry instead of solving the energy crisis.
Go base load new nuclear, and that will be 5 to 10 years away!?!
Well. If Germany can offshore the manufacturing of complex machinery to China what makes people think that China can't take the digital as well? Especially given the "nature" of digital. Once software gets through testing its few teams working on updates and security. China India Pakistan have enough young talent to make all IT wizards of Europe jobless for a fraction of their salaries. And then there is a AI😉 coming soon to take the office jobs🤣
But that is not what she is saying. That is what the interviewer kept saying. She kept repeating that diversification is more likely what it is going to look like, as well as shortening the production to consumer distance. What that actually means is more varied production. What she is pointing out is that future consideration will be for everyone energy consumption optimization.
@@MihaelaFroehlich the logical conclusion is de-industrialization.
The logic of capitalism is that free markets lead to most efficient output, and those who cannot produce cheaply will become extinct.
@@Western_Decline , you’re quite correct. People need to look at things objectively rather than emotionally.
Trust me, he was lying when he said this was not planned. It was planned!! How is the heck are you going to export digitization to other countries? Unless you are selling a product to someone outside your country your GDP will not grow. Like I said about things in the US, if everyone works at Walmart no one will be able to afford to shop at Walmart. Manufacturing good and services for export is the only way to grow your economy.
Talking about deindustrialization is simply getting the priority wrong. Without its own industries, a country can't control its destiny. What EU needs is to stop the war and start negotiating with Russia. American is more than happy to see Europe became deindustrialized.
Putin's war will no stop until he is defeated.
Start negotiating with US, as it is a US proxy war. US still thinking stopping the war is unacceptable.
China, India and other asean coutries will be benefited from the de-industrialization in EU and also from cheap discounted Russian energy.
Absolutely correct. Europe is paying for its arrogance.
Maybe, they taking all the pollution also
@@nyunixguru who cares about pollution in Our Mother India!
LOL!
That's the reward of not being quarrelsome or contentious and concentrating on their people their economies.
Far too many economists fail to understand that digital "industry" is far too scalable to be considered an "industry." It's just a tiny handful of companies, not an industry.
Video game industry is bigger than the film industry. Welcome in 2022.
@@olafsigursons Right, but more because there's a lot of crossover between video games and entertainment.
@@reinux There is mobile too.
@@olafsigursons You mean the app boom of the early 2010s? That's been dead for a long time. Everything's consolidated into a small suite of apps, most of which are supplied by Google, Apple or Facebook.
European legislation is also throwing rock at the development of digital companies. This and tge fact that developing countries have a ton of good programmers means that the chance that they will shift the industy's centre from the US to the EU is non existant.
The trades can't simply disappear and become digital.
This is such a strange behavior from Germany. Good steel will always be in demand and you're going to have to meet a fraction of those demands just to perform your basic repairs or maintenance's. Trying to outsource those developments will only be a greater struggle, especially as the EU's rivers dry up.
They're not even considering real solutions to their dilemma.
In some cases, you can't work from home either. Only office staffs are able to .
Yup exactly, scholz and greens and fdp are going bonkers 🤪... they are destroying eu and german industry, but of course they are doing exactly what americans told them to do... americans it seems stopped being good partner...
Next to my hometown there was a coal mine, my grandfather worked there before WWII. They closed it down and switched the nearby steel mill to cheaper coal from Ukraine and South Africa and the former coal power plant with direct rail connection of only 15 km to the mine was switched to Russian gas, that comes from 3000 km away. P.S.: the mine was not depleted, just not profitable anymore.
@@tinaforbes1059 During the height of the plandemic here in USA a term became very popular - "essential workers"...The office and/or the guys working from home were not among those and you know what is happening to the non essential anything in time of greater needs.
The fact is, we are wasting so much tax money and also consumer products in our society, because gas prices have been so low. I think the cheap energy of the past years deceived many people, made them take it for granted. We can simply cut down on consumption and I think it will be more healthy and not much less convenient. I am in my 20's, possibly older people feel differently about this.
I don't think she pays her energy bill. Government pays it for her. I am CFO and when I hear woman like that, I am wondering if this as ever did something productive in her work life. Persons like her lead to the current energy crisis, but instead of changing and trying to find a solution, they keep going on their way. In a very close time, there will stay nothing in Europe. Digital Economy ??? But how in a place where nothing is produced ? The others countries outside Europe will do the same, but at a lower price. So what next ? Forbid to buy product outside the UE ? The producers/manufacturers outside the Europe, won't wait for Teletubbies like this woman to be in competition with her digital dream, but at a lower cost....
She's from an economic think tank. Aka, a very wealthy person hired her to promote their ideals.
It’s not the war in Ukraine that driven the prices up but European decision to participate in it
That part
Scary how little they know. And how dumb they think we are.
Who is them and who is us?
@@annaredding .. Them = the Pundits. Us = you, the people & me. But the people really to blame are the militarists in NATO, EU & Russia.
@@annaredding the elite and the common folk
They know very well, but they choose not to tell the truth. Deception is the name of the game!
@@annaredding the Media.
Here in the US the talk is of reindustrailzation. We have learned our lesson.
Huh you know your actually right at least from what I've seen.
The US is getting the businesses that are leaving Europe.
Mexico is in US ?
@@enzocaputodevos well, basically, yes
Digitalization is not the solution to this crisis. You can't drive digital cars or ride digital trains.
how’s your day going today my friend have you heard of crypto currency before? Can I enlighten you more on it if you don’t mind
Politiciens have been talking about bringing manufacturing back to Europe for years, and then comes the de-industrialization. What leaders of visions people have in Europe!
They told industries to stop burning fuel and imposed a carbon tax in them. They are doing that now.
Here the grim topic is de -industrialization and the interviewer is smiling from ear to ear
Lol I too noticed he is super happy to see Germany go to 🐶 s
Reminds me of lyrics in a 1980-somethng song about the news media by a guy named Don Henley, "Bubbleheaded bleach blonde comes on at five, tells you about the plane crash with a gleam in her eye".
EU needs to get serious in the production of energy front. I swear, the only thing I hear about is distribution. They have to promote and accept the costs for investing in a long term production of stable energy…
Our politicians would rather waste 1000 billion € on expensive energy than spend 100 billion € on energy research.
Needs to? lol SHOULD have 10 or 20yrs ago.
@@duncanmacleod7287 well, we don’t have a Time Machine unfortunately…
@@josejoao1621 You don't need a time machine to see the obvious.
@@duncanmacleod7287 my point is despite our politicians screwing up, we have to do something now. Seeing the obvious in the past, serves no purpose but to figure it out who we are not voting for in the future for their incompetence. But besides that, in order to solve the energy crises it requires something new done now
Okay so you going to take steel workers and put them in the digital Workforce? This woman is a lunatic!
The US is fighting to re- industrialize. Seems EU doesn't take their time to learn from big brothers mistakes.
To make US re- industrialize plan works the EU de-industrializing is require?
I guess if factories close, then we need to close Universities
Bro what?
Not universities, you have to shut down stores of commodities you need for your daily life.
Why? Nonsense
Politicians.... they do not understand industry ... so just bla bla literature and poetry
Move the factories to Russia they have plenty cheap energy.
The real question is the efficiency of production. Agriculture represents a small segment of the economy but produces far more post industrialization. The same is not true of the current energy crisis and reduction in industry. Food and goods must still be produced to meet demand.
In China
Objectives summarized in early 1950's by 1st secretary general of NATO : "Keep Soviet Union out, USA in, and Germany down"
Germany is definitely de-industrializing. Different countries have different deficits in energy, but the way the EU is designed....you must all suffer together.
The eu need to speed up the temperary law on market mechanism. You however, I wonder who peed in your cup
@@ronnie5329 It's unfair to countries like Norway and Hungary to have to suffer for the failures of Germany.
@@sarahbrown5073 No it isnt, it was working before but obviously there will be a short term price as germany opens up LNG terminals left right and center. Norway benefits greatly from the inner market, hungary I dont understand why you mention
@@sarahbrown5073 Hungary really, the prime backstabber of the entire EU. Hungary is the biggest net recessives in the EU. I think france is owed a apology from germany because of germanies anti nuclear policy screwing everything over. France both gives more money to the EU then it receives like germany and has the 2nd lowest percentage of fossil fuel use when it comes to energy production. Unfair to norway what a joke they are earning more money now natural gas and oil sales thx to this crisis so they are definitely not suffering. You might as-well say that saudi arabia is suffering because of the high oil and natural gas prices.
Sarah Brown - Define fair….it’s subjective…equality is not equity and both are themselves, definitions of ‘fair’. Also Norway isn’t in the EU but is a member of the EEA
Start growing potatoes and keep a pig in the backyard...just like the "good ol' days".
You can't build a house with pig as it's foundation . That would be a very Swiney idea 😉 .
soviet era: assign an area for farming only, sell about 25x25m land for those who lived in apartment. they grow their food, there, and sell the surplus.
I want to see her Digital industry producing steel or Aluminium.
Lol, Europe had never produces steel or aluminium.
It must be a bliss living in a cuckoo land. How can any “digitalisation” compensate for the loss of industry? What about daily human needs which can’t be met without reasonably priced energy?
We will diversify for our industries to be more robust and we do not need industries because we will have new industries that will be green and digital and that will create completely new industries that we need but we don't.
What was her brain doing when her lips were moving🤣
Green industry aren't compatible to military industry think about it
You’re talking about future tech, the infrastructure for renewable isn’t there yet. She’s talking about the immediate, the present. What was your brain doing when you watched the video? 🥴😪
aint got a brain - ask her and the best thing she could offer is some academic advice ie which academic , theoretical useless book to buy out of her nice library . Totally clueless *expert*
I hope he was being sarcastic 😉
Is hilarious and scary listening to this so call experts and see how disconnected they are from what regular citizens have to face day to day
German industry can move to the USA - we could use responsible, industrious workers too.
No industry, no jobs. No jobs no tax money, no tax money no wellfare. No wellfare, maybe less immigration.
Esiast way to solve problem😊😊
True. But you’re missing the right events.
No industry, no jobs. No jobs, no tax money. No money for food, famine kills the poorest half of the population while run away inflation hits the survivors
The healthy industry will survive if they get enough support, they only have to get through winter until Germany open up the 6 LNG terminals. your doomsday picture is wrong on too many levels seeing industry isnt what we rely on to make money in europe
their aim is to invade, they won't stop
About the new industrie being created: how long will that take, and will the current industries last, before the emergence of those so called new industry?
And nothing is mentioned about it's competitiveness on global stage.
She is waffling, she does not know.
sometime their job is to give illusion that they are fine.
@@johnadam2885 habeck was promising gass from Qatar but that gass is no where to be found. This promise of digital economy is same. Infact politician and media has sold Europe intrest to save USD
@@aslampervez2294 EU has always been the lapdog of EU.
@@aslampervez2294 " Infact politician and media has sold Europe intrest to save USD" the prove is in pudding
"digittalization? What is that? Are we going to eat bits and bytes😂? Whatever needs servers is energy intensive anyway! Must find better "experts", because that one is a good reason why we are on such dire straits...
Hey, Rob. I saw your videos on languages. Love them. Had no clue you are a correspondent for DW.
Same thing happened to me. I thought he was just a youtuber, I never knew Rob Words was a correspondent for DW.
GJ, Rob!
Keep up those entertaining n informative videos on the English Language!
Industries make up a small percentage of economy relative their energy use. Ok. Spark plugs make up a small percentage of the cost of a car relative to the cost of the car itself. Try running your gas car without sparkplugs, and let me know how that works out for you.
Thank you boomers, your naïveté, greed and disregard for others have left us a mess we can't ever clean up.
@@aceyage as much as I like to bash boomers, we had to use coal ,natural gas to industrialize. We would could not have used wood we will burn all of the wood in existence quickly. Hydropower has been here for a long time but it won’t satisfy the entire energy needs of the world. In the 1950s we had nuclear power to use but it hadn’t caught on entirely unfortunately. It wasn’t until 5 years ago solar and wind were even economical to use.
@@aceyage it is a class issue. You can’t blame all boomers. Srsly, are you that naïve?
There is a price for everything!! You just need to understand that. You chose your own way, then just need to take the consequence from that, good or bad. No cries,, no complaints.
As an American, they sound like exactly what they said our factory jobs started going to China.
Need more laugh on Russia and Putin. That will help for sure.
How does it feel sending your sons, brothers, friends to kill and die in a foreign country to defend putin's ego? Have you yourself been called up?
The US has benefited the most from the war in Ukraine. Lots of major European industries are relocating their production from Europe to America. Euro is in tatters, having depreciated 30% compared to USD and, ironically, almost 50% against the Russian ruble. If you think back to the 2014 overthrow of the pro-Russian Yanukovich government that had started this whole mess, it was instigated by the Americans.
True that, without west radicalization of Ukraine and constant supply of ammunition for the past decades there should not be any war today
@@rightorwrongalwaysthinkfor2403 really?
It is because Europe tied themselves to nice respectable Russians as their trustworthy partners for their Energy supplies, especially with Schroder's? help (The Ex German Chancellor who sold out his country for a place on the Gazprom board) and his cronies, and he's still supporting Putin!?! It is not so much to do with the U.S. but it can be noted that the U.S. and U.K. did more for the war effort in Europe than the E.U. look likely in doing and it's in their own backyard, I suppose actually they are in fact, Russia's backers!
@@hugoboss917
The price of Majdan was 5000 million dollars. Julian Assange brought it to light. Jailed for Life now for espionage,
Do you have any numbers or evidence to back up your argument?
I've never heard anyone talk about economic collapse in this manor. w
When a country collapsed it is up to the citizens to pull themselves together. grow your own food. pool your resources. why in the world would you rely on a government that put you in that position.
uhm, digital GDP doesn't build tanks to protect yourselves from Russia, industry does.
It is a clear choice for the each country to choose between supporting Ukraine or mending ties with Russia. Europe is falling apart because of bad policies. Hungary is exceptional, they care about the Hungarians.
You can't drive eat or sleep in one's and zero's.
No, it will be the same. Everything which Europe states have from industry is because of patriotism of industrialist. This is because rich people can earn much more money if they sent their assets in Far East, India, China, Malaysia... Everything Western can do they can do cheaper. Worker salaries are ten times less than in Europe, and of course less price of row materials and accompanying parts. So the profit can be 10,20 times bigger
@Violent Cabbage there are some, europe is also one of the biggest market and if you have an industry in a european union country you can pretty much sell in others without tarrifs, plus europe beeing a technolgical state has also great acces to better technology and specialization in those uses
@@im_searching_the_reason4806 Not if those industries move to America.
5:08 Electricity price multiplied by 22 and gas by 18? What? It is not "bleed to death" situation, it is "hit by train" situation.
you cant just "phase out" infrastructure reliant on on the economy what is this madness.
No, it not that you don't have cheap fuel from Russia anymore and you don't that much Millennial generation.
Sanctions on Russia is a double edge sword, but the one facing west is bigger and sharper.
The US meant it when Sec of State Nuland said "Eff fhe EU" in the infamous hacked Kiev Coup phonecall, in which she dictated who would be head of state in Ukraine.
A good reminder to pay attention to where our energy comes from, and what the potential consequences of it are.
all this shitstorm its merkel's fault
Energy blackmailing. Especially when it cheaper than any other sources. It sounds nice at first to catch you. But It's a long-term strategy.
I still can not believe Germany fell in that trap face first …
Germany has no real solar resources and only moderate wind resources. It's insane to think they can rely on them without a massive baseload of nuclear.
@@jurgislv they were warned by Eastern Europeans and Americans..
End the war against Oil and Gas
what did they espect ... running factory on solar pannels ???
1:00 "And I think when people talk about that process they typically refer to industry as reducing the amount of people it employs. So it's more of labor de-industrialization rather than the contribution of the industries to the economy in general."
That is a description automation and she says it without a concern in the world. No automation of talking heads to worry about.
I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me froma huge
financial debt with just little investment, thanks so much Mrs. Sophia
That's great
So you guys still know her too
@@fredcharles9267 I invested £5000 pounds I I received £54,000 thousand pounds within 7 days working
@@lillymasokku Wow I' m just shock someone mentioned expert Mrs Sophia I thought I'm the only one trading with her
She helped me recover what I lost trying to trade myself
Self inflicted wounds 🤕🤕🤕
Initiated by our friends overseas, by deliberatly overstepping russias red lines because maverick " dark" Biden accepts no red lines.
While people 500km away are dying hopefully people can understand, even if you would let putin win, he would get more brazen. But yes should've invested more in green electricity, nuclear included
Precisely as President Trump warned, but he was scorned for it. Listening to and following ppl who tell you what you want to hear, like Santa Claus, instead of those who say what people need to hear, typically does not end well.
@@mikelondon08 you can never run an energy hungry heavy industrie with renewables, at least for the next 10 years...europe is done;-)
And btw. i don't support ucrainien nationalists to take crimea so that they can punish russian friendly people otherwise i would say Serbia should take back Kosovo by force.
@@paulrevere2379 As Central Europe warned well before Trump did as well. But Germans (politicians) know best even if they just made massive blunders. End of leadership.
It's not the war in Ukraine but the sanctions on Russia which driven up the energy price. If you had took measures after Crimea annexation, you could have avoided such a situation
What measures? Do they have better alternative? Europe is not a resourceful continent. Russia is very exceptional country on the continent.
@@abubakarsadisumuktar932 they could have diversified their energy supplies and focused more on renewables. Germany actually shutdown their nuclear power plants. Instead they could have built more nuclear power plants.
@@mynjeri5469 What their so called climate change goal if you insist they should have continued nuke plants? And lemma make it clear, the so called renewable energy the west is campaigning about is not realistic at the moment. Energy will for a long time be irreplaceable.
@@mynjeri5469 I want to add to your points: There were also options to connect to other gas suppliers through building new pipelines and iInvestments could have also been made to harvest new deposits. If they would have started in 2014, the first results would be available right now and could've served as an alternative to Russia.
@@dnocturn84 absolutely
A greener future lies just ahead for Germany, one where everyone is eating grass to survive.
Oh god
I thought some people said: my food eating grass.
Could raise some chickens and cows though, achieving food sufficiency and zero carbon emission !
@@outlilei clearly you never heard about cows big carbon emission! they fart a lot 😂, it's true.
@@masmoudi5595 My apology , maybe raise something else, like rabbit,it’s cute and tasty haha😁
Europe does not need industry only need democracy, freedom, human rights and environmental protection
how are you going to feed, house, and heat your people? going to be one giant brothel?
Seems like farming and poverty is the future of Europe. Be honest, Europe doesn't have digital economy and it's dropped by far by China and US. Europe consists too many countries and volumes is too small for digital economy, you cannot solidate all countries to one and ask them not to fight against each other.
High-tech industry such as chip production, battery, solar panels are few times more energy consuming than old industry.
So there's nothing left for Europe except farming and tourism.
Europe would be one of the best museums in the world though!
How does the Euro survive without German industry?
The Euro, like the EU, is on the road to crash and burn.
Europe has been at war with itself for a thousand years, and that is it's future history for the next thousand, too, apparently. Just too many conflicts to bridge to live together in peace for very long. The only way to resolve the conflicts is, ultimately, war.
Simple, it won't
It has Libya's, the US has Syria's, France has the CFA/Ecowas...
More Unemployment when factories closes, relocate and going into poverty 😂🤣😂🤣
More geeks sitting in front of computer screens in converted industrial buildings with beautiful exposed brick walls?
Maybe stop sending everything in China and replace this obsession of buying cheap stuff be replace by locally made products that brings jobs and expertise would help... maybe
amen
They can't make anything. They don't have enough energy for business to operate.
No Chep Energy..NO Industry.?? What to do Wind Mills to Fix This?? Solar??
It won't be enough to go around domestically. Let alone for industries .
Very unreliable. And northern countries don't have the capacity.
@@paulskiye6930 Well . we have over capacity.. When Wind Blows. Now put that to energy when not wind blows?
No. You need oil, natural gas, and coal to make steel, rubber, chemicals, fertilizers, and much more. Germany makes all sorts of things - you cannot replace the manufacture of PHYSCIAL ITEMS by wind and light.
@@quantummotion Can stay warm in the winter with warm feelings of saving the planet. Satiated hunger by eating snow cones, because the icecaps haven't melted.
well worth watching!
why BBC is not reporting the dire situation in EU and UK? yet they are too focused on Russia's protest LOL
When an individual is thinking of committing suicide, counseling is an option. But, how can one stop a nation from doing it?
Should have listened to Donald Trump! You Germans don't take telling, but you should finally now know that you have to be self supporting, so China next!
Sri Lanka wants in on that suicide pact.
Remove the clowns in power.
Back to the dark ages, and when I say dark, I really mean DARK.
no wonder, it isn't easy to melt steel with solar power.
I didn't know he was a news presenter. I just follow his great UA-cam channel.
how’s your day going today my friend have you heard of crypto currency before? Can I enlighten you more on it if you don’t mind
It does make sense to stop producing certain things because of energy crisis, but not to close the industry, because you cannot throw the workers under the bus in the middle of the crisis.
Who says? Politicians don't care!
Can't pay the workers if you're turning a net loss
@@TheHeavyModd Corona showed that we can. The multiple bail outs in 2008 showed that for a shirt term crisis like this energy crisis during winter we without doubt can support Industry until the energy crisis is done
@@RK-cj4oc You're thinking short-sightedly if you truly think such policies aren't without consequence. In fact, if you take a moment to look around you may notice that prices of basic goods have risen quite substantially in the last two years and we're on a verge of a financial crisis. Surely none of the pandemic-time policies could have contributed to that? I'll hand out the answer, they very much did. And you're in for a surprise when you notice that the energy crisis is a structural shift rather than a short term quibble. Europe's industry, Euro as a currency, and Europe itself for that matter won't be the same they used to be.
@@TheHeavyModd Im not short sighted. The inflation our politicians caused is indeed bad. But the reason why i say they should do it again is because having the entire manufacturing industry collapse in 1 winter is worse and harder to recover from. Full stop. Yes to all your other things, of course i noticed higher prices, of course its not a good thing to do this, sure it could be more than just a temporary energy crisis ( although i doubt it) but despite all of it. We cannot collapse our manufactorying industry.
Bad news for developing exporting countries
Their exports will be badly affected
What are you talking about? acerlor metal, for example, is investing heavily here in Brazil, they bought 3 large steel mills this month, it will be the biggest transfer of income from the first world to the colunized finally justice
EU and U.S have weak governments and strong corporations, they will just reinvest in other countries once the EU gets bankrupt.
@@Martincic2010 I think they mean that EU will take a lion's share, even though it is their mistakes. Brazil may benefit from steel production or may suffer from it. Either way, the EU is failing to be more self-resilient.
@@JohnDoe-nv5oe
well Brazil is a country of "middle" income, we are really poor but we have energy independence and raw materials to send to the moon if they want.
Not really, developing country will getting benefit from it as well, their economy will grow, and their common people's buying power will increase, yes Europe market is good, but Europe market =/= the whole world, there are new economy zone slowly catching up, such as the Central Asia market, African market, ASEAN market, and South American market. Maybe European should start to look outside of Europe, the middle class in those region has just as strong buying power like those European middle class!!!
Factories are moving to the US, another win for brandon
Nah Europe will be fine. It is better to keep everything here.
in the short term deindustrialization is always good, strategically it's always bad.
thousands of people will lose jobs
it's good
If you shift your industries to Mexico, India, Africa
@@istheyear-ry1el millions of people will die
I can see retirees and unemployed in France and Germany picking through dust bins for food. Hypothermia will bite at their toes. They voted for this, and they are getting it. Let them off to experience the consequences.
What does she mean digitalisation industry ? Is it a service industry ?
I don't understand her either
I guess she means use digital wool to make digital blankets on digital looms then ship them in digital boxes on digital trucks to your digital home so you can put your digital blanket on your digital bed and slip in to its digital comfort after taking your digital shower from your digital plumbing and slipping in to your digital pajamas after you take a digital leak in your digital toilet which you digitally flushed with digital water.
@@scottfw7169 She might be trying to say develop a IT economy like California. But that is not done over night. And as you say, energy, materials and tangible products are needed. Europe has been singularly suicidal to kill its economy for solidarity with the US.
If it's cold, it's easy to fix it using a torch
To satisfy global demand for commodities, what is coming down from EU countries will go up in other countries such as in Africa and Asia. In this case it is the price you have to pay for support conflict. The only way out of this is to end the war soon. 😩😩😩
I would agree with you but it's not like Russia is going to be taken for a ride a second time and will not be willing to provide energy at low prices. I think Russia might demand prices like in Asia and Europe has been very ungrateful as around 2 trillion of German manufacture and services demand on around 35 billion euro if energy from Russia. That is huge. Russia can turn around and invite Industries into their countries given the vast resources they poses both human resources and energy. Russia can produce everything at very low prices but they don't have the R &D base to really build a solid industry, however Russia has Industries that are world leading including nuclear, cristal and metal manufacture, a small but fully functioning airplane manufacture and full cycle of continuous government support and good relations in all Asia.
Yes - but the US/West want to escalate conflict - Germany and EU are doomed.
@Danny Boy "Stop the war soon"
Brilliant idea!! Just tell that the agressor/ invader Putin !!
I work in a steel processing factory and my company filed bankrupcy today . 30yo company destroyed in less than a year , thanks eu for those unreasonable taxes .
the social benefits will stop
Please it's not the war in Ukraine , it's what Europe have agreed to do to them self
Putin has just help the Greens accomplish their great purpose: shutting off the use of fossil fuels in Europe and Germany in particular. What's to complain about?
Rob Watts, your makeup lady overdid it today 😀
Wow... the answer is so diplomatic that it becomes non sensical in this situation
Just remember the old days of post II WW period. Present is going back to past. That's all..
Don’t stop making leopard tanks just yet ... 😂
Cant make any Leopard tanks without resources or energy.
You meant don't cancel the planned production? They don't actually produce any as of now.
@@Startrance85 Hence why they refused to send any to Bellendskyy and co .
@@tinaforbes1059 I love that naming
It sounds so simple to a “Think tank”. Just do it! What blather. Try developing a secure and diversified energy sector before taking off in a different direction and moving away from what you do best.
how’s your day going today my friend have you heard of crypto currency before? Can I enlighten you more on it if you don’t mind
You are entirely correct. The woman speaking didn’t once mention increasing the supply of domestic energy production. Billions have been poured into “green energy” which can not power a first-world nation.
The EU’s anti nuclear stance will drive the continent into poverty. Her spoken nonsense of replacing economic industry with “digitalization” is utter nonsense.
Just make more windmills for the winter. Make more sun panels too. It will be fine. If it's a long cold dark winter in Northern Europe then simply make some more.
Green mind, green life. Go green!
Green?...how's the windmills going?
There are 10 types of people who are impacted by digitalisation - those who can understand, use and benefit from it, and the rest…
Even though they call it a breadboard, you still can't eat it.
Digitalisations goal is to create jobs by taking others.
Move to balcans,they have gas and electric,if you have good pension you live good with 1500 eur/ m,for 100 mp home electric and gas its 300 eur in the whinter.I move from Belgium in Romania and its very ok
this is a classic price shock it has large short-term effects, but making long-term policy based on this shock is not good policy.
Pudding is done when EU unlocks endless green energy
Any country that has?
the west andnthe entrlire Europe is still decades from having a full green energy option
@@utubewatchinhesk Atlantis? Hyperborea? Ancient Egyptians or aliens? Whoever stole Tesla's papers?
All energy in Germany is already very expensive. Tax breaks can solve the problem.
Germany already exported most energy intensive and carbon heavy industries to China - which might become a much bigger problem.
The big question should be if the social sector is going to survive this.
@@davidnoelfranks1124 I thought that 20y ago when I moved - surprisingly the German Mid size industry managed to prosper.
We will know more in 2y.
German industry prospered on cheap/easy Russian energy to be competitive and kept the costs of living down so Unions did not demand wage increases. No tax/price cont. arrangements will solve anything. Economic sewis-side will destroy the German economy - and social decay will follow - Protests are just the start.
the real problem is we should not rely on China in industries, just like we should not have relied on Russia for energy.
@Michael H What are you talking about? There is still lots of heavy industry in Germany, like BASF (worlds largest chemical production plant), Krupp, Arcelor-Mittal, ship yards etc. Where do you think come all of the machinery and other goods from which Germany exports?
@@saba1030 You are finished without cheep Russian gas.
Did you saw what's the share of traditional industry in US or UK?
Europeans Industries could aswell move to Russia where energy is cheaper
She doesn't even blink when she knows she's telling a lie.
The concept of "supply and demand" involves the fact that when demand is greater than supply the price goes up, until someone doesn't have enough money for the goods.
If the government steps in with infinite money then no one is going to run out of money and demand stays the same.
Except demand can't stay the same there isn't enough energy for everyone, someone has to go without.
So someone has to be unlucky and that would normally be whoever doesn't have enough money.
So when the government steps in with infinite money for everyone who is going to be unlucky and not be allowed to have the energy.
"Infinite money" - fiat currency (inc.Euro) that prints/creates money will become less and less valuable - no resource rich country going to accept it soon. Saudi Arabia already pivoting away from USD.
Looks like finally it's real people, and not Ukraine support bots. Ya.... It's a dumb idea. But par for the course for Europe.
Everyone, when it runs out. Its not going to run out for Europeans. The u.s. is happy to sell gas to Europe. The issue is the restrictions the exspense imposes and the possibility of deindustrialization
I’m sure the large multinational industrial conglomerates in Germany and elsewhere in Europe can still afford the high gas and electricity prices given that countries like the US, Saudi Arabia, Qatar, the UAE, etc… are selling LNG (Liquified Natural Gas) via ships to the EU. The main issue going forward is the limited supply and very high prices for natural gas as the aforesaid countries won’t be able to fully replace the gas being supplied by Russ1@ in the past via the recently blown up Norstream 1 pipeline. Sending gas to Europe via pipelines are much more economical and efficient than sending gas via ships.
@@petersmith2040 Germany is risking up to 1/3 of their industry to go under. Then, just because one can afford it, doesnt mean they can afford it without cuts in workers or production.
Why dont they shift their industries to russia if cheap energy is the issue
I think the European industries will likely move to the US and Asia if EU continue their madness without lifting all their sanction and remand the relationship with Russia.
I find this guy's smile out of place
This economist is taking the wrong lessons from the supply crunch. It's like she's too young to remember the shipping crisis that happened last year.
Diversifying inputs isn't an adequate way to make your supply chain robust. The only way to do that is to make as much of your critical inputs as local as possible so that you aren't subject to external aggregate supply/price fluctuations and logistical failures, and that precisely means *re-industrializing* critical manufacturing.
She was born yesterday. 😂🤣
Stopppp you're making too much sense, that's verboten! You would be cancelled from any university or newspaper today for this heresy. Burn him/her/them/zhem/etc.
take away all the jobs and how will the people pay their bills? Having the entire economy on government assistance does not work. How do you digitize making a gear? or bowl? This stuff has to be made somewhere. Getting everything made "somewhere else" makes no sense. That other place gets all the jobs.
She keeps banging on about *diversifying* , *inventing new industries* etc and doesnt explain what this really means . Exactly the kind of person who has no idea how anything is made apart from cowmilk. Dangerous ,ignorant and labeled an *expert* . All this while we have the Chinese flaunting their wealth by exploiting our weakness and stupidity
@Chris Bigelow according to EU biggest trade partner China's statistic, the EU export most of the traditional products to china, so it means, Europe doesn't export as much high technology products as what the European think, the idea of inventing new industries means moving towards high technology type, that means Europe want to create competition with non other than the US, Europe doesn't even has their own global satellite positioning system nor their own space station, they cannot even send their astronaut to ISS without the help of the Russian spaceship, how are they intend to compete against their colonial master?
If European once again listen to their so call expert and politician's empty word and lies, they will suffer more!
Economic Professor: "We'll just replace industry with green industry." lol
Hypocrisy. Europe is constantly outsourcing their pollution to places with lower standards. If you go to a service economy the wages will be lower and you'll become dependent on foreign sources for the products that you need.