the energy crisis in the collective west in the following economic crisis is beginning to
rear its ugly head let me just tell you the news that we have today shows that pretty much
everything we've been saying is correct we've been vindicated i wish we weren't vindicated
i wish that these eu member states and you know other states in the collective west
uh the uk united states to a lesser extent canada to a far lesser extent i wish they had
done something uh to try and course correct but they they haven't
let me just give you a little brief primer here as to what we are witnessing of course eu citizens
are facing mass poverty rising energy prices could lead to mass impoverished impoverishment
in the eu a professor at the university of uh lies in belgium told uh french news site
atlantico on monday so eu households will fall behind on their energy bills professor damian
ernstead so basically i want to talk about this because ernst is pointing out that on average
households will be paying 10 000 a year for power and heating that's absolutely insane something we
were called alarmist for predicting many months ago now we're being vindicated but that's not the
point the point here that i'm trying to make is that you have people in very very very high level
positions that are now beginning to warn about this okay you know you don't see zielinski in
his little green shirt coming out and warning about this but you see people throughout the
collective west that are beginning to point out the startling reality of how bad this is
about to get and if that's not enough you can take a look at this story right here eurozone
inflation hits a record high inflation in the eurozone spiked to a record high of 9.1 percent
in august if you remember not too long ago we had colonel douglas mcgregor here on the show he said
that he predicted inflation in the united states to reach as high as 15 percent i don't think that
he was that crazy for saying something like that and these numbers suggest that he is not wrong
but the real crux of this story lies within the gas price crisis and the ability to access gas
for countries like germany for example so let's take a deeper look at that european gas prices
have now surged yet again as russia reduces supply so we discussed this a few days ago
that russia was going to be shutting down the nord stream one pipeline in its entirety a hundred
percent reduction in gas flow zero percent gas flow in the north stream one pipeline for servants
service maintenance uh issues we'll see if they open it back up they say it's just gonna be three
days who knows um but they're saying this is gonna be 72 hours so we'll see okay european spot prices
for natural gas rose in early trading on wednesday after russian energy major gazprom shut down
supplies via the nordstrom one pipeline now an objective observer of this that is just looking at
this story in uh you know in its acute nature and doesn't understand the larger picture here would
say well if gas problem is having to shut down the entirety of the nordstrom one pipeline they don't
have the nordstream 2 pipeline then gazprom must be suffering quite a bit right well unfortunately
for individuals who might be happy about that prediction that's actually not the case gas prompt
shares rally on huge profits the stock soared more than 30 percent as the company announced dividend
payouts to shareholders russian energy major gazprom stock jumped 31 on wednesday to 267.25
rubles per share just over 4.43 on the moscow exchange following the company's announcement
of bumper profits and dividend payments to shareholders the gas giant said its board had
recommended a dividend of 51.03 russian rubles per ordinary share for the first half of 2022
and its first half earnings report released on tuesday gazprom announced a record 2.2
2.5 trillion rubles in net profit despite sanctions pressure in an unfavorable external
environment the gazprom group reported record ifrs revenues and net profit in the first half of 2022
while reducing net debt in leverage to a minimum gas problems deputy chief executive family sadigov
said in a statement he elaborated that after adjustments the base for paying dividends reached
2.4 trillion rubles almost 40 billion dollars okay so this is absolutely incredible here that
they are succeeding this much in the face of what's going on um and again this is going
to get really really bad for europe to go back to this story right here about european energy prices
surging as gas problem shuts down the north stream 1 pipeline according to the intercontinental
exchange data the price of october gas futures on the ttf hub in the netherlands rose 5.5
280 euros per megawatt hour or 2 906 dollars per thousand cubic meters at around seven o'clock gmt
after falling below 2600 the day before earlier on wednesday gazprom confirmed the temporary
halt of natural gas deliveries to europe via nordstream 1 due to scheduled maintenance unless
there are technical setbacks and oh my goodness is that an important note there unless there are
technical setbacks the gas flow will be resumed on september 3rd with supply volumes resp restored to
33 million cubic meters per day or roughly 20 of the pipeline's full capacity only time will tell
what are your thoughts on that do you think that they're going to restore back to 20 gas capacity
flow i don't know all i know is that the eu is very very very worried about this so worried
in fact that now they are turning to a very very unlikely uh partner to try and fill the russian
void we've covered that qatar could not produce enough lng for europe to fill the russian void
we've covered that nigeria could not fill the russian void we've covered that the united states
could not fill the russian void and even if they could they don't have the lng terminal capacity
or the tanker you know requirements to ship lng over to europe we also know that canada refused
to fill the russian void because they'd have to build new pipeline infrastructure they'd have
to finish an lng terminal on the atlantic coast and they just don't see it as economically viable
so who does that leave us with well leaves us with russia of course but they're
out of the picture can't do business with russia that'd be far too embarrassing
definitely wouldn't want to show up at bilderberg after that one so that really leaves us with one
main partner that we could work with if we're the eu take a look at this anyone know who it is
eu turns to china
china china china who by the way happens to just be purchasing
an exorbitant amount of russian liquefied natural gas
china china china eu turns to china for surplus liquefied natural gas eu countries have been
increasingly boosting storages with surplus chinese liquefied natural gas purchase in the
spot market the financial times reported on monday according to the article china the globe's largest
lng buyer oh who did anyone know who russia's number one buyer of lng is it is that ring a bell
okay could it be china and india is it china and india that are russia's two largest buyers of lng
and now that eu's buying a bunch of lng from china you guys see what's happening here
this is like a bad movie plot according to the article china the globe's largest lng
buyer has been reselling some of its excess volumes in the international market
the surplus is attributable to weak domestic demand as covet 19 restrictions linger on as the
eu struggles to secure energy supplies ahead of the heating season amid the drop in gas deliveries
from russia it has been buying chinese lng in the spot market despite it being more expensive
should we go for the cheaper gas that we can get through either nordstrom 1 or nordstream
2 or ukrainian pipelines or should we pay for chinese gas that is actually just either
chinese excess gas because they have russian gas or russian gas that china has rebranded
and added maybe a little bit of chinese lng in the mix of and use that for the eu gas supply
well it seems to be that oddly enough ursula vonderline has chosen the latter decision
let's buy some chinese lng even though it's going to be more money for instance the chinese
lng trader jovo group recently disclosed having resold an lng cargo to a european buyer china's
biggest oil refiner cinepec group also reported on earnings call earlier this year that it has been
selling its access lng in the international market reports say that the company has sold 45 cargos of
lng so far this year or about 3.15 million tons the ft estimates uh that that the total amount of
chinese lng resold in the first half of 2022 may top four million tons which is equivalent to about
seven percent of europe's total gas imports during this period okay overall according to the research
firm kepler the eu's lng imports soared 60 year on year over the first six months of 2022 however
the ft analysts warned that china may not be able to come to the block's aid for much longer
once the lockdowns are finally fully lifted and the country's economic activity bounces
back its huge energy demand will return and there will likely be no surplus lng to sell
what have you done eu what have you done
i said this on a few streams today i think it's worth noting that this really is like
the first time in global history and recorded history that we've ever seen
you know a collective civilization sanctioned themselves into not just economic ruin
but empirical collapse that's what we're seeing with the eu and it appears as though
there's nothing that they want to do to stop it they can do something but they don't want to
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