Steno also says he expects the drop in the CPI to catch most people off guard, and offers plenty of reasons that you need to see or listen to hear.
European energy crisis exaggerated?
The topic I was most looking forward to talking about was the European energy crisis. Steno lives in Europe and has done a lot of research on energy flow. In the interview, he gives the figures for natural gas storage and flows from around the world. It was also amazing to hear that perhaps the biggest contributing factor to the crazy price increases was the fact that European leaders ordered countries to rush to replenish their reserves. This resulted in everyone buying extra natural gas at once. Now that the reserves are almost full, and it is before the high season for the use of natural gas, there could be a reverse effect where prices crash.
Overall, listening to Steno, I got the impression that the situation is less dire than the mainstream financial press would have us believe. There will be some pain this winter, the economy has already experienced some fallout in the chemical industry and so on, but it is not a civilization ending event as many believe.
In this episode, of course, we talk about bitcoin and the possibility of a break in the euro currency. Steno has some strong opinions about the structure of the euro and the likelihood of bitcoin stepping in and making a difference in a breakup, but you’ll have to watch and listen to hear it.
This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
