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europe is descending into poverty. did you know that? someone told you that? so the most advanced continent on the planet, the birthplacerta of western civilization,ce our civilization is getting much poorer very quickly. it's moving backward at high speed just a year ago,st ay europe was a modern place.ea for example, the overwhelminge r majority of europeans heatedwhle their homes with natural gas as modern people do in germany,l the continent's richest country, only about six percent of households, most of them6% o rural, heated with cord wood and you would expect that givena that...

And what will be the cascading effect? well, when the cost of keepings whr apartment warm jumps by hundreds of percent in a single year, you become a completely different person. you change your behavior radically. you're no longer tempted to buy a new fourteen hundred diff or iphone or shop at whole foods or even pick up an extra cappuccino. the entire consumer economy grinds to a halt becauseo a ha there's no discretionary income. so it is impossibllte to overstate the downstream effects on the worldit's of an energy crisis. everything changes. how are the centras l banksding responding to t...