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The German industry will pay 40% more for energy in 2023 compared to 2021 due to the energy crisis triggered by Russia's invasion of Ukraine, says a study by Allianz Trade

It means that their input costs are structurally so much higher for the foreseeable future, from the united states, from the western hemisphere and much of asia. what that means is de-industrialization. a lot of their corporations are going to leave and not come back. it's a real negative impact. second, the europeans have the money when things get ugly to pay for the inputs to ensure their working class is taken care of. the developing world does not. if you're not a commodity exporter in the developing world, you face a serious fiscal crunch, lots more social instability, maybe a financial -...

The united states, from the western hemisphere and much of asia. what that means is de-industrialization. a lot of their corporations are going to leave and not come back. it's a real negative impact. second, the europeans have the money when things get ugly to pay for the inputs to ensure their working class is taken care of. the developing world does not. if you're not a commodity exporter in the developing world, you face a serious fiscal crunch, lots more social instability, maybe a financial crises. >> i want to end on that point. you talk about arrested global development. this is someth...

Freeze this conflict. the views from kyiv is that would be a very dangerous thing to do, because the russians are preparing for another offensive. >> so fair to say, ian, when you look at this 2022 in retrospect, the biggest story, the russian invasion of ukraine, has changed the dynamics of the international system. >> because it's a global conflict. the first time in history that we have taken a g20 economy out of the g7, decoupled. they've been made fundamentally into a real pariah. also, the economic implications for europe. the de-industrialization they're seeing. the conflict they have t...

For diplomacy, time to freeze this conflict, but the views from kyiv is that would be a very dangerous thing to do, because the russians are preparing for another offensive. >> so fair to say, ian, when you look at this 2022 in retrospect, the biggest story, the russian invasion of ukraine, has changed the dynamics of the international system. >> because it's a global conflict. the first time in history that we have taken a g20 economy out of the g7, decoupled. they've been made fundamentally into a real pariah. also, the economic implications for europe. the de-industrialization they're seein...