Germans are in for a rough winter and they know it. They’re likely to stockpile good old-fashioned cash. From Tyler Durden at zerohedge.com:
While Europe has been keeping a generally optimistic facade ahead of the coming cold winter, signaling that it has more than enough gas in storage to make up for loss of Russian supply even in a “coldest-case” scenario, behind the scenes Europe’s largest economy is quietly preparing for a worst case scenario which include angry mobs and bankruns should blackouts prevent the population from accessing cash.
As Reuters reports citing four sources, German authorities have stepped up preparations for emergency cash deliveries in case of a blackout (or rather blackouts) to keep the economy running, as the nation braces for possible power cuts arising from the war in Ukraine. The plans include the Bundesbank hoarding extra billions to cope with a surge in demand, as well as “possible limits on withdrawals”, one of the people said. And if you think crypto investors are angry when they can’t access their digital tokens in a bankrupt exchange, just wait until you see a German whose cash has just been locked out.
Officials and banks are looking not only at origination (i.e., money-printing) but also at distribution, discussing for example priority fuel access for cash transporters, according to other sources commenting on preparations that accelerated in recent weeks after Russia throttled gas supplies.
The planning discussions involve the central bank, its financial market regulator BaFin, and multiple financial industry associations, said the Reuters sources most of whom spoke on condition of anonymity about plans that are private and in flux.
From the Babylon Bee
Has the new green future already arrived in California? From Eric Peters at ericpetersautos.com:
Americans got a glimpse of the Green Future last week – and it was pretty dark.
Deliberate power outages have left millions of people in California with no lights – and no way to recharge their Teslas, either.
And it’s not because there isn’t enough power.
Rather, the state’s utility, Pacific Gas & Electric cut the power – ostensibly to prevent wildfires that might be started by downed (and hot) power lines.
But the real reason for the artificial blackout is PG&E’s massive – and government-mandated – malinvestment in “green” technologies such as wind farms and solar, which has diverted billions away from critically needed infrastructure investment, such as burying power lines so that Santa Ana winds don’t result in downed lines . . . and fires.
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The lights aren’t going out in California because of climate change, but rather because of stupid policies and decisions. From Chuck Devore at wattsupwiththat.com:
The power has been out in Northern California. More than 1 million Californians were without electricity, one of modern life’s essentials that is frequently taken for granted. The blackout was done on purpose—to prevent sparks from powerlines that could ignite deadly wildfires.
On the surface, the blackout and its causes are simple to understand. But the deeper causes are complicated, span decades of public policy, and dozens of overlapping unintended—and intended—consequences of decisions, both related and unrelated.
The wind in Northern California is blowing in from dry Nevada, as it often does this time of year. It’s called the “Diablo wind.” In Southern California, the comparable current blowing in from the Mojave Desert is known as the “Santa Ana winds.”
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