This is a CBSI in the world. I'm John Bachelor.

Flood of cheap Russian fertilizer risks. Europe's food security says the Financial Times.

I welcome Michael Bernstab of the Hoover Institution, my guide on sanctions

regime on the Russian Federation after its aggression against Ukraine in 2022.

However, what I've learned from Michael over these years is

there's no sanctioning Russia without also inhibiting

growth, prosperity, and confidence in our allies of Europe and perhaps the world.

In other words, globalization, Michael, a very good evening to you, this is about fertilizer,

which the subhead for the financial time says,

growing dependence gives Moscow more leverage over European crop production.

So, though Russia's the adversary, Russia has influence over what people eat.

Is that correct?

Well, the story is 10% correct, 90% misleading.

Because fertilizer in itself has no value.

Fertility is an element in the huge supply chain.

For natural gas, which is 70 to 80 percent input in the production of fertilizer, then they extract nitrogen from the air, and

the air is free, and they produce fertilizer, and then this fertilizer is an input in agriculture.

And then agriculture produces all sorts of plants and

especially grain and it goes to supermarkets.

So cheap fertilizer is a bad news for chemical producers

of fertilizers in Germany and elsewhere in Europe and a great use for European farmers and a great news for European consumers because

made it cheaper.

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