If people in Europe don't reduce their energy consumption this winter, companies will have to – and that means a big spike in unemployment, according to Alexander Stahel, the founder and chief investment officer of Switzerland-based commodity investment firm Burggraben Holding AG.

Stahel says Russia’s reported maintenance of the Nord Stream 1 natural gas pipeline is just an excuse to stop supplying Europe, and the consequences of that action will be severe.

In conversation with Real Vision's Andreas Steno Larsen, Stahel explains why the continent is ill-prepared for Vladimir Putin’s energy brinkmanship and outlines the steps it should take, including restoring nuclear energy capabilities, to counter his belligerence. Recorded on July 14, 2022.

Be sure to check out Stahel's full report, including slides not featured in the interview, in our Reports section on our website.

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