Money Talks: Out of gas
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 11 May 2022
⏱️ 37 minutes
🧾️ Download transcript
Summary
Russia’s trade surplus has continued to grow, even in the wake of Western sanctions. It’s now forecast to be double what it was last year. That’s prompted an acknowledgement among Western countries that more needs to be done to squeeze the country economically. Recently, the G7 announced plans to completely wean itself off of Russian oil; the European Union is trying to follow suit. But that still leaves a gigantic loophole: natural gas.
In this week’s episode, host Mike Bird goes back to a key point in the 1970s to find out how Germany, Europe’s largest economy, became so reliant on Russian gas. Our European economics editor Christian Odendahl and our Berlin bureau chief Vendeline Von Bredow examine the geopolitical fallout from Germany’s misguided energy policy. And Georg Zachmann of the Bruegel Institute explains why liquified natural gas could potentially be part of the short-term solution.
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Transcript
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| 0:00.0 | With so much uncertainty in the world, businesses need a solid plan that they can implement |
| 0:04.8 | quickly. |
| 0:05.8 | A plan that's ambitious enough to drive the scale of transformation with practical solutions |
| 0:10.4 | to provide real-world results. |
| 0:12.5 | With over 9,000 professionals in 120 countries, the EY Parthenon teams help businesses realise |
| 0:18.5 | their strategy with speed and certainty. |
| 0:21.2 | To learn more about EY Parthenon's individual approach to strategy and tech-enabled transformation, |
| 0:26.8 | research EY Parthenon and real-world strategy now. |
| 0:33.8 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:38.7 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:43.7 | This U.S. territory is a fast-growing hub for innovators. |
| 0:47.6 | Puerto Rico boasts numerous tax credits, business incentives and world-class talent that |
| 0:53.1 | take your business to the next level. |
| 0:55.8 | Find out why at investpr.org. |
| 0:59.1 | Game changers, welcome home. |
| 1:06.5 | Last month, as you may remember, Ukraine's President Vladimir Zelensky addressed Parliament |
| 1:11.5 | after Parliament around the world pleading for help in fighting the Russians. |
| 1:16.0 | In America, he asked Congress to remember Pearl Harbor and asked it once more to be a leader. |
| 1:21.6 | I wish you to be the leader of the world. |
| 1:27.1 | Being the leader of the world means to be the leader of peace. |
| 1:34.2 | In Britain, he evoked Winston Churchill and the fight against Nazis. |
| 1:45.2 | But in Germany, when he addressed a Bundestag, the tone was different. |
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