"Don't make a move, she can type faster than we can. Observe and learn."
From The Blind Spot:
A lot of people are asking, if Russia doesn’t have hostile intentions against Ukraine, why the troop build up?
This is an absolutely fair question. Not least because the troop build-up has been happening for many months.
One under-appreciated factor in the whole story, however, is the role being played by natgas and fertiliser markets.
We all know there’s been a natgas squeeze in continental markets since at least the fourth quarter of 2021. Fewer people are aware of the grave impact this is already having on fertiliser markets, planting and food costs. Many are also under informed about Ukraine’s historic role as the bread-basket of Europe.
One man who does know what he’s talking about on the topic is the FT’s John Dizard (who if you haven’t already been reading, you really should be, he’s brilliant).
As Dizard notes, EU farmers have already been suffering from a 549 per cent rise in natgas prices, which has translated to a 263 per cent rise in fertiliser costs....
....MUCH MORE
