This is the best tl;dr I could make, original reduced by 84%. (I'm a bot)

> The German chemicals company BASF has said it will cut 2,600 jobs as Europe's largest economy braces for recession triggered by the energy crisis that intensified after Russia's full-scale invasion of Ukraine a year ago.

> The year was "Dominated by the consequences of the war in Ukraine and in particular by increased raw material and energy prices", BASF said in a statement on Friday.

> "Continuing large price increases and the ongoing energy crisis had a negative effect on the German economy towards the end of the year," the office said.

Extended Summary | FAQ | Feedback | Top keywords: energy^#1 price^#2 BASF^#3 Europe^#4 high^#5

TDK must be winning the cassette wars.

I was always a Maxell guy myself. No one made a better chromium-dioxide tape.

God damn the 2020s. Liberal trade makes everyone more prosperous, and countries like Germany having to source more raw materials locally decreases their carrying capacity.

How does Germany have both a labour shortage and falling real wages? Something doesn’t work there unless we’re seeing the country’s economic carrying capacity shrink faster than its workforce.

>Something doesn’t work there

Simple, the same problem in the US. The rich are getting richer, they are refusing to pay their employees more and will even still try to cut wages to increase profit.

Then they cry "nobody wants to work anymore" for the next decade.

Can’t they literally just raise wages a bit without their business model collapsing?

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If this happened in the UK, people would just blame Brexit.

And they would be right since UK does not depend on Russian NG.

Yes, but Directors and Shareholders like money.

Doesn't most of the developed world have a labour shortage and falling real wages? Germany are the most developed that also have a big reliance on gas so it makes sense.

Shrinking workforce + shrinking aggregate supply?