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Yes, it's starting to get bad. As a example a huge producer of automotive parts in Germany went bankrupt today. 4000+ people lost their jobs instantly. Nord St

Yes, it's starting to get bad. As a example a huge producer of automotive parts in Germany went bankrupt today. 4000+ people lost their jobs instantly. Nord Stream 1 has been shut down indefinitely and Germany requires it to keep their economy, heat and power supply going so lots more companies will follow. My family is going to stock up on firewood for our fireplace soon, so at least the house will not be cold come november-december when the Netherlands will run out of their gas supply in just about 2 weeks time tops.

weinzierl 4y ago
> As a example a huge producer of automotive parts in Germany went bankrupt today. 4000+ people lost their jobs instantly. Could not find any news about that. Which company do you mean?
- martin_a 4y ago
  It's Dr. Schneider [1]. Never heard about them until now. [1] https://www.focus.de/finanzen/news/kronach-kronach-neuses-automobilzulieferer-dr-schneider-ist-insolvent_id_142492202.html https://www.focus.de/finanzen/news/kronach-kronach-neuses-au...
  - fxtentacle 4y ago
    But a) they are not bankrupt yet, they merely filed for government protection while they reorganize and b) it's only 2000 jobs
    - martin_a 4y ago
      Yes, probably just shrinking themselves to a more healthy state. Good "chance" to do so right now.
    - jonas21 4y ago
      > they merely filed for government protection while they reorganize That's what Chapter 11 bankruptcy is in the US - I assume Germany has an equivalent.
- em1sar 4y ago
  lmao typical redditor who only reads the headline of an article. there's literally a factual mistake in every third word of your comment
sydd 4y ago
I would not be so worried. While the situation is not so rosy, Nordstream's closing will be compensated by using less energy generally (e.g. not heating up gov buildings, lots of people working from home etc.) and from dozens of other sources (importing more LNG, letting nuclear plants run more, firing up coal powered plants etc) Russians are very good as sowing discord and creating panic among the population, but if you look at the facts things are not so bleak. - If closing down Nordstream would really lead to the collapse of the German economy then the EU would have lifted the sanctions. While they can accept some hardships to beat Russia, they would not kill their economy to do so. - Just look at the gas futures price in the EU: https://www.theice.com/products/27996665/Dutch-TTF-Gas-Futures/data?marketId=5429405&span=1 https://www.theice.com/products/27996665/Dutch-TTF-Gas-Futur... Since the full closure of Nordstream gas prices have actually gone down showing that the gas market has already priced the closure, and as time will pass it will go down even more (since people will see that we have enough gas & Putin's threats are taken less and less seriously mostly because he has run out of things to threaten with) So dont panic and trust Western leaders a bit more.
- neural_thing 4y ago
  Another interpretation is that the futures are pricing in price controls.
- triyambakam 4y ago
- jemmyw 4y ago
  Thanks, that's a much calmer balanced view. https://www.youtube.com/watch?v=ce5TR-qWCk4&t=3574s https://www.youtube.com/watch?v=ce5TR-qWCk4&t=3574s this vid has a great and lengthy analysis on the economic situation in Europe. Basically, Europe and Germany will be fine because they can afford the burden for awhile and may even still grow economically. Russia has stabilised their economy for the moment with drastic intervention, but they are time limited.
  - gremlinsinc 4y ago
djbusby 4y ago
Nov-Feb friend, get more wood.
downrightmike 4y ago
Might be worth getting creative going into fall harvest: https://www.youtube.com/watch?v=RZqaW-gdXxE https://www.youtube.com/watch?v=RZqaW-gdXxE
Gys 4y ago
> 2 weeks tops Citation needed https://nos.nl/artikel/2443284-gasvoorraad-nu-op-80-procent-wat-zegt-dat-voor-de-winter https://nos.nl/artikel/2443284-gasvoorraad-nu-op-80-procent-...
mikewarot 4y ago
>My family is going to stock up on firewood for our fireplace soon Unless you're cutting down trees and splitting them yourself, and have done so in the past, why are you waiting? You know a surge in demand is going to happen, and there's a limited supply.
- morgunkorn 4y ago
  I can confirm the surge is already there. A stere (1 cubic meter of piled logs) cost us 75€ last year, best we found was 120€ this summer and prices are still on the rise.

weinzierl 4y ago

> As a example a huge producer of automotive parts in Germany went bankrupt today. 4000+ people lost their jobs instantly. Could not find any news about that. Which company do you mean?

martin_a 4y ago
It's Dr. Schneider [1]. Never heard about them until now. [1] https://www.focus.de/finanzen/news/kronach-kronach-neuses-automobilzulieferer-dr-schneider-ist-insolvent_id_142492202.html https://www.focus.de/finanzen/news/kronach-kronach-neuses-au...
- fxtentacle 4y ago
  But a) they are not bankrupt yet, they merely filed for government protection while they reorganize and b) it's only 2000 jobs
  - martin_a 4y ago
    Yes, probably just shrinking themselves to a more healthy state. Good "chance" to do so right now.
  - jonas21 4y ago
    > they merely filed for government protection while they reorganize That's what Chapter 11 bankruptcy is in the US - I assume Germany has an equivalent.
em1sar 4y ago
lmao typical redditor who only reads the headline of an article. there's literally a factual mistake in every third word of your comment

sydd 4y ago

I would not be so worried. While the situation is not so rosy, Nordstream's closing will be compensated by using less energy generally (e.g. not heating up gov buildings, lots of people working from home etc.) and from dozens of other sources (importing more LNG, letting nuclear plants run more, firing up coal powered plants etc) Russians are very good as sowing discord and creating panic among the population, but if you look at the facts things are not so bleak. - If closing down Nordstream would really lead to the collapse of the German economy then the EU would have lifted the sanctions. While they can accept some hardships to beat Russia, they would not kill their economy to do so. - Just look at the gas futures price in the EU: https://www.theice.com/products/27996665/Dutch-TTF-Gas-Futures/data?marketId=5429405&span=1 https://www.theice.com/products/27996665/Dutch-TTF-Gas-Futur... Since the full closure of Nordstream gas prices have actually gone down showing that the gas market has already priced the closure, and as time will pass it will go down even more (since people will see that we have enough gas & Putin's threats are taken less and less seriously mostly because he has run out of things to threaten with) So dont panic and trust Western leaders a bit more.

neural_thing 4y ago
Another interpretation is that the futures are pricing in price controls.
triyambakam 4y ago
jemmyw 4y ago
Thanks, that's a much calmer balanced view. https://www.youtube.com/watch?v=ce5TR-qWCk4&t=3574s https://www.youtube.com/watch?v=ce5TR-qWCk4&t=3574s this vid has a great and lengthy analysis on the economic situation in Europe. Basically, Europe and Germany will be fine because they can afford the burden for awhile and may even still grow economically. Russia has stabilised their economy for the moment with drastic intervention, but they are time limited.
- gremlinsinc 4y ago

djbusby 4y ago

Nov-Feb friend, get more wood.

downrightmike 4y ago

Might be worth getting creative going into fall harvest: https://www.youtube.com/watch?v=RZqaW-gdXxE https://www.youtube.com/watch?v=RZqaW-gdXxE

Gys 4y ago

> 2 weeks tops Citation needed https://nos.nl/artikel/2443284-gasvoorraad-nu-op-80-procent-wat-zegt-dat-voor-de-winter https://nos.nl/artikel/2443284-gasvoorraad-nu-op-80-procent-...

mikewarot 4y ago

>My family is going to stock up on firewood for our fireplace soon Unless you're cutting down trees and splitting them yourself, and have done so in the past, why are you waiting? You know a surge in demand is going to happen, and there's a limited supply.

morgunkorn 4y ago
I can confirm the surge is already there. A stere (1 cubic meter of piled logs) cost us 75€ last year, best we found was 120€ this summer and prices are still on the rise.