this post was submitted on 10 Jul 2024
132 points (95.8% liked)
Europe
1502 readers
549 users here now
News and information from Europe πͺπΊ
(Current banner: La Mancha, Spain. Feel free to post submissions for banner images.)
Rules (2024-08-30)
- This is an English-language community. Comments should be in English. Posts can link to non-English news sources when providing a full-text translation in the post description. Automated translations are fine, as long as they don't overly distort the content.
- No links to misinformation or commercial advertising. When you post outdated/historic articles, add the year of publication to the post title. Infographics must include a source and a year of creation; if possible, also provide a link to the source.
- Be kind to each other, and argue in good faith. Don't post direct insults nor disrespectful and condescending comments. Don't troll nor incite hatred. Don't look for novel argumentation strategies at Wikipedia's List of fallacies.
- No bigotry, sexism, racism, antisemitism, dehumanization of minorities, or glorification of National Socialism.
- Be the signal, not the noise: Strive to post insightful comments. Add "/s" when you're being sarcastic (and don't use it to break rule no. 3).
- If you link to paywalled information, please provide also a link to a freely available archived version. Alternatively, try to find a different source.
- Light-hearted content, memes, and posts about your European everyday belong in !yurop@lemm.ee. (They're cool, you should subscribe there too!)
- Don't evade bans. If we notice ban evasion, that will result in a permanent ban for all the accounts we can associate with you.
- No posts linking to speculative reporting about ongoing events with unclear backgrounds. Please wait at least 12 hours. (E.g., do not post breathless reporting on an ongoing terror attack.)
(This list may get expanded when necessary.)
We will use some leeway to decide whether to remove a comment.
If need be, there are also bans: 3 days for lighter offenses, 14 days for bigger offenses, and permanent bans for people who don't show any willingness to participate productively. If we think the ban reason is obvious, we may not specifically write to you.
If you want to protest a removal or ban, feel free to write privately to the mods: @federalreverse@feddit.org, @poVoq@slrpnk.net, or @anzo@programming.dev.
founded 4 months ago
MODERATORS
So we need the ECB to start QE in a big way to buy back government bonds. However the Saudis do not own too many.
We also have to go electric on transportation and that much much faster. Only a third of the EUs oil comes from the US and Norway. The rest comes from mainly dictatorships. Going green means supporting democracy. Staying on fossil fuels means supporting dictatorships.
Yep, even if you didn't care about the environmental aspect (which you should), not having to rely on dictatorships all over the place for your energy needs should be enough reason to transition away from fossil fuels.
Iβm in agreement, but who produces the batteries? Chinaβ¦
There are a lot of battery factories being built in the EU right now. Even if they come from China, it is a one time purchase and not a total dependence.
True, but right now, a lot of the resources come from China. Solar is also something that is mainly from China. EU dropped that ball pretty fast.
This might change in the near future some time ago(not to sure how long exactly) I read an Article about a massive ore field of the resources needed for electrical components being discovered in ~~Denmark~~ Sweden.
Iirc: For certain materials like Lithium as well as Rare Earths, China basically has a monopoly on processing currently. E.g. with Lithium, Australia and Chile are major sources of the raw materials but virtually all of it is processed in China. Even if the raw materials come from the EU, there may be a major piece of the supply chain missing.
Okay, that's fair. I'm not entirely sure but I know that Intel is building a processing plant in Germany. I don't know if they use raw materials, or they also rely on other manufacturers to produce stuff for them.
Chip plants are another matter yet again. They usually work with silicon wafers into which they a chip surface.
I don't know where Intel get their materials from either. The silicon processing industry is largely Chinese againβI think Western and Japanese countries do have the appropriate factories and technology too though.
I just read, that TSMC also plans on creating a processing plant in Germany(near Dresden) so in the near future we might see chips made entirely in Europe.
It was in Sweden. Denmark got jack shit when it comes to natural resources.
Thanks. My comment got corrected.
Glad my money isn't wrapped up in EUR. QE = inflation.
I'm all for going green, it's worth mentioning that having trade with dictatorships is a two-way street, we can also use that trade as leverage to hold them slightly accountable.
In this case it gives the Saudis central bank money, which then leads to more money being removed over the coming years. Since the Saudis want to dump it, they have to sell it below market value. Due to that at intresst this means the ECB is moving money out of the monetary system. Hence this is deflationary. We actually saw that in the real world as well. QE meant low intresst rates. The intresst rates shot up as soon as QE was stopped.