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I see this as a good example of the results of normalcy bias[1]. Europe hasn't even finished cutting itself off from Russian energy imports. German industrial i
by mikewarot 4y ago
I see this as a good example of the results of normalcy bias[1]. Europe hasn't even finished cutting itself off from Russian energy imports. German industrial infrastructure is centered around massive quantities of cheap natural gas. It is used as chemical feedstock for a number of products. The higher prices of LNG supplies from further and more costly suppliers will carry through making their products far less competitive.
[1] https://en.wikipedia.org/wiki/Normalcy_bias https://en.wikipedia.org/wiki/Normalcy_bias
- Arn_Thor 4y agoThe supply shock has occurred. What's happening now is a process of adaptation, which will go on for months, if not years. Higher costs will certainly see changes in industry. But I fail to see how this article exhibits normalcy bias
- mikewarot 4y agoThe supply shock is still in progress. Unless a miracle occurs Russian oil which is still flowing overland to Europe will be cut soon by someone, there's a lot of people with motives.