Europe is heading into a depression

Into the darkness, again.

Electricity prices across our continent have risen to horrifying new highs threatening the solvency of both households and corporations. For example, the futures of December 2022 peak load price (essentially price at demand peak) have risen to inconceivable levels in France. Same applies to Finland and basically all countries in Europe (see, e.g, this and this). These imply that: Inflation in Europe will not come down, but is likely to accelerate notably during the winter/spring. The ECB will be forced to hike rates, probably, in an expedited manner. Household consumption and corporate…

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