We all know the narrative for the last 3 months, Russian, and Iranian propaganda is telling us only how Europe will freeze to death, how it will become bankrupt, every single economist on the surface of the earth who hasn't seen Europe outside the coloring books was already picturing it in like some middle age country, burning wood, driving donkeys and so on and on...
And then as usual, since the economic laws of offer and demand don't give a damn about propaganda, reality hits and it did hard!
A few article on that, from
wsj,
Nasdaq and
With an oversupply of gas, full deposits, tankers full of gas waiting in line in every port and warmer weather, prices of gas have literally crashed to last October's levels. Note that I quote here spot next-day prices, not futures, and if somebody is asking why is the same reason why when you pay for something in Bitcoin you look at spots prices, not at the futures prices at CME!
So,
here is the data from European Energy Exchange:
TFF spot prices have gone down from 200/MWh to 45euro /MWh.
And since I did mention futures let's look a
t those also, crashed to 95E from an all hight of 349E and still lover than November 2021 for example, but these are future prices, not the ones that make your bill.
Or we can look at CDT options, which surprisingly (for some) are below October levels.
And if we speak of electricity, here are two comparisons, one from the Netherlands grid:
*I've chosen 24 and 25 because both of them are Mondays, and here is a complete comparison of January vs current, so before the war
Deposits are full, no need to make another printscreen you can go and
see the data live, there are
tens of ships full of LNG waiting in ports to unload, the declared capacity of the known ones on the waiting list being equivalent to two weeks of full capacity of Russian imports, and gain surprisingly to some that picture the whole of Europe as going through a small ice age every winter with reindeer running around and everything being under 10 meters of snow, it's far warmer than usual and even if it weren't, cold weather is often an exaggeration, Europe is not just Finland and Norway.
For those that are indeed curious about real! data, you can see the average here in January last year, for example,
in Paris where only one night temperatures dropped below freezing,
London, or
Berlin, and let's throw
Rome too just for fun.
What every Russian shill has forgotten is that there is demand and offer, once you pay a lot you get everything, you're the top bidder, and there is no need to bid for more as you have to build your reserve stash and send the coins to cold storage or in this case gas storage there is no need to keep on paying more, and when there is no more demand at the same level, as in Bitcoin, prices drop to the usual normal average, or as graphics show, the same prices as last year.
So no, unlike how the specialists that haven't set foot once outside their village, no Europeans will not go to drive donkey carts, will not burn their forests to heat and for sure they will not go, this is funny, bankrupt already in 60% of their business.
And since we're at debunking myths here and propaganda,
here are the employment levels in Europe: record 74.3 employment, which doesn't really smell like business shutting down.
Now, that being said,
it's not like we don't have problems, there is inflation at 10%, there are problems with previous bills, and there is the fear of an economic slowdown overall, but that's not something that Europe is experiencing alone.
China has delayed economical data and when
it did present it sent markets in red (Hang Seng went down 6%) and the yuan to the lowest levels in 15 years.
But in short, no, Europe will not freeze to death, we won't be driving donkeys and we will not have our mud huts destroyed by mammoths either.
PS.
This is good for Bitcoin!
More fiat in your wallet can lead to more coins in your wallet.
