The transition to a green economy without fossil fuels threatens with power outages

Risk of blackouts, a major headache in Europe and the US

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Wind and solar energy are not enough to supply the demand for electricity. There is a high risk that the transition to the so-called green economy could trigger unwanted effects. The substitution of coal, oil, hydropower or nuclear power is facing a possible wave of blackouts in many European countries. The United States is watching closely what is happening in Europe. Energy shortages and skyrocketing prices are keeping both continents on edge.

"Global energy demand is growing much faster than renewables can come online, which means oil, natural gas, clean coal and nuclear power will be needed whether renewables grow or not," says guru James Rickards in DailyReckoning.com.

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This lawyer, economist and investment banker who famously became the lead negotiator in the Federal Reserve's bailout of Long-Term Capital Management (LTCM) exhibits his denialism on the theories of global warming and the need to replace fossil fuels with clean energy.

 Wind and energy

And he warns that wind and solar are not enough, because wind does not blow continuously, while panels require continuous light. "A grid cannot run on intermittent sources; it needs continuous sources of energy that only come from oil, gas, coal and nuclear power".

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The former Wall Street banker warns that China is running out of coal, which has driven the country into the arms of Australia as a supplier. The same problem has led Germany to turn to Russian gas. Meanwhile, "Putin is slowly turning off the taps to increase Europe's desperation".

Two power plants that provide 40 per cent of Lebanon's energy have had to shut down. "There is no electricity and probably won't be for several days". Rickards points out that as China and Europe close factories to conserve electricity for homes, "many will die this winter as power cuts spread and heating systems fail".

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"In Britain, electricity reserves could fall to 4% of demand, with blackouts almost inevitable this winter, and petrol stations remain empty. Unprecedented" coal shortages in India have prompted officials to warn of imminent power cuts, because coal plants, which normally have 15 to 30 days' reserves and power most of the country, now have enough fuel for two days or less," warns Jason Issacc in The Epoch Times.

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