Aspects of Russia's war on Ukraine: (3) Germany
In times gone by Germany as a whole, and most German businessmen I have met, liked to come across as the grown-ups of Europe. Oh, their worldly wisdom! How I remember the condescending post-Brexit lectures on the imminent departure of the whole of the City of London for Frankfurt … [1]
Well, it didn’t seem to get them very far when the custard hit the fan. Their two aces – being deeply in bed with Russia, and exporting like crazy to China, didn’t turn out quite the bankers they had assumed when Putin played his own hand: cue breast-beating and hand-wringing. So what happened next in Germany? Well, lots of things but I’ll highlight a few:
- A typically dynamic German practical response: massive shift towards LNG to replace NS1 / NS2 gas – long before ‘someone’ exercised the Semtex option
- Hugely accelerated efforts on a large-scale shift to hydrogen fuel as the supposed saviour of German manufacturing (no tangible results yet, though)
- Meaningful slump in said manufacturing sector (whether this is permanent ‘demand destruction’ is yet to be established) with baleful economic repercussions
- Promises (as yet unfulfilled) of much more defence spending and a full-scale reorientation of policy
- Lame & abject ‘followerism’ as regards military aid for Ukraine: truly, pathetically demeaning
Source: http://www.cityunslicker.co.uk/2024/03/aspects-of-russias-war-on-ukraine-3.html
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