European energy crisis: the perfect storm that many did not see coming to a city near us!
At the height of the 2008 financial crisis that came about out of the blue, Queen Elizabeth ||, the British Monarch, was reported to having asked some experts in the field, “Why no one saw this coming?” at an event in the aftermath of the disaster. Of course, Her Majesty’s audience could not give a simple answer to an equally simple question. Nor the latter themselves knew what really went wrong, when the world had been led to believe the polar opposite – unstoppable global prosperity. What we witness today in the European energy markets is no different: nobody knew this was coming about six months ago. Some may, in retrospect, point to their own past analyses to cash in on the dearth of severe, expert predictability in the energy markets at present. It’s true in the last few weeks there were speculations about an impending gas crisis in Europe. Since they were, more often than not, linked to the so-called ‘Russian manipulations’, they could not convince many sane people
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