The Chinese's Failure to Fix the Balloon Fiasco

The Nord Stream pipeline is gone. That was the single largest trunk line for natural gas transport in the world. When it went offline, we saw natural gas prices in Germany rise by roughly a factor of eight. The Germans shut down their industrial space. They're not making fertilizer or smelting aluminum or foraging steel right now. But they've managed to delay that model until after World War II. All they can do at this point is wait and see what happens next.