d, w dot com. ah, it's not often these days that you're a welcomed decisions coming out of moscow. but as russia resumed pumping gas through the north stream, one pipeline the relief and to some extent, surprise was palpable. only a day before flooding more potent had threatened to reduce or cut off the flow entirely, sparking panic among those heavily reliant on russian guests. like germany. it's a worst case scenario. avert it for now, but uncertainty remains with pollutants hand on the top and not enough gas flowing anyway to ward off a looming energy crisis. i'm nicole girlish in berlin and this is the day. ah,

good schools, it's glenda guess it's flying again, but i don't think germany should let it so be blackmailed by russia one months if on a political level it's maybe not good news and orange golden pretended reason of technical problems actually has a political background integral. we have to secure energy, we needed from somewhere for sent of rushes, increasingly and uncertainty factor in the energy system. you can buy gasket, i'm totally relaxed about the gas. i've been hating with wood, which i gather from a forest or curtain can get lost mine. ah, also coming up a band, customers vent their anger in china and being frozen out of their accounts. what does this say about the state of china's economy and the ideal of common prosperity? it's not clear just how much money the victims have lost in this scandal. but some

reports of suggested it could be in the 10s of billions of you on to our viewers around the world's good to have you with us. europe is breathing a sigh. a relief after rush and gas started flowing once again through the north stream one pipeline. it had been down for maintenance work for 10 days, but fears were the kremlin would use the scheduled disruption to cut off deliveries entirely. well, for now, the pipes are filling all the way below capacity. and that's now cause for celebration in germany, a country heavily reliant on an unpredictable flooding report and germany remains at the mercy of russia and is now scrambling to diversify its energy sources. the flow of gas has restarted through the biggest pipeline carrying russian gas to germany. north stream one had been out of action for routine maintenance. many in berlin were concerned, russia wouldn't turn it back on. germany relies on russia for around

a 3rd or it's gas imports. for now, the nightmare scenario as it was described seems to have been avoided, but concerns remain. experts say germany should be doing more to reduce its dependence. the, like i said, the situation is urgent. aha, who should have been making savings from day one? on february, we lost valuable months. it's important to re adjust this now for citizens are being urged to save energy. experts also say germany should look for alternative sources, philip storage facilities and expand renewables. berlin has been scrambling to set some of these measures in motion. it has reduced its dependence on russian gas. the government has also given the go ahead for ellen g terminals to be built. and by mid july, germany had raised its gas storage levels to 65 percent. mo, however, needs to be saved. and they have also been setbacks, especially for germany's climate goals. the government has decided to leave. it's

called plants running longer than planned. nuclear power might also be back on the table and more coordination efforts, especially among you partners could be needed this. so for instance, me that you know, there is a clear decision taking that okay, we're going to prioritize, you know, supply o a gas or heating houses in slovakia. what that means, we need to turn down or ration the supplier or say that if that's the kind of thing that can only be coordinated for the you. solidarity agreements would avoid lengthy negotiations. in cases of emergency sticking together will be important in europe, in order to stay warm in winter. rushes war on ukraine has forest germany to look for alternative gas suppliers went to day. it was all eyes on the town of lou mean where the north stream one pipeline arrives in germany. d, w is benjamin over

a scrubber, was there there is a need relief, but every one knows that this is not a long term solution that russia might even reduce the amount of gas that it's now sending. we have the estimates that we will be around 3040 percent. so quite similar to the figure that we have before this manual m maintenance that happens every year. so germany of the german government does quite confident even though this is good news. now they have to find a tentative partnerships for energy to leave and russian guys and russian oil in the near future. that's what they're planning lots to talk about for that. i can now welcome earning buckman. he's a professor of economics at the university of notre dame and the u. s. mr. rockman flow is restored, but the ball is still very much importance. court, isn't it? how would you rate your energy security at this point? bell as it is at its sweet spot. right now. he had he not

a continued to deliver gaz, then that lease europe would have had some clarity. and, you know, europe would've just had to adapt and cope with it. and, you know, probably with good political leadership, the population would have adjusted over time. but now, yes, this constant a threat to go lower. and that's one thing. so it's good for him, you know, to keep threatening. and what does he gain from this? well, he probably, i would surmise, he probably bice continued german recalcitrance or reluctant to go all in and reference delivery though that's number one for potent. and of course, number 2, the fewer garcia delivers the higher the gas prices and he makes much more money. that's the my, you know, the economics of monopoly or quasar monopoly pricing and now being at the mercy of another very undesirable position to be. and is there any way at this point to reverse this dynamic or, you know, at least create a level playing field?

well, the german government or the european governments have done already quite a lot. so it's also name a few positives here. i mean, while gast dependents was, well, well, about 40 percent on when we started, when this war started, it's now roughly 30 percent. and some of a few low hanging fruit 70 would be used yet. for example, the stop of using gas to produce electricity, which is something that absolutely it should have done long time ago. and the absolute need to be doing yesterday. so that's a relatively low hanging fruit, and the good news is in that 30 percent to be precise. 29 percent, a gas a gap for at least a germany. what hasn't been calculated or factored in is the coming on line or the likely coming on line of loading energy terminals probably by the end of the year. certainly sometime in the mid of the winter. so, you know, there's a,

so there's another 10 percent lying basically on the street here. and the rest has to be, you know, has to be done through the month. we have to have a massive demand reduction. but 20 percent government sell about there because, you know, gas, especially in germany is used so widely, especially in people's homes by the industry. how can we reduce demand in the measure that is needed right now? all hands on deck. i mean, you have to start with letting the market prices work, the gas prices, the consumers and industry need to feel the gas prices. the market mechanism has the beauty that, you know, only the most valuable of undertakings are going to continue. for example, should you know, a gas product, glass production facility be in jeopardy then, you know, people will be willing and able to pay a high price for that gas. and if things are not so no action to important and

maybe things you can buy also in the world market like fertilizer, then that is the gas that will be saved 1st. and then the same time a you absolutely must do is subsidize energy use. that's what we stole, part of the doing, rather than subsidizing energy use us. that's it. this is a subtle difference. but economically, it makes all the difference. you want to help people to be able to afford this higher got or higher gas builds. but at the same time, when they have to pay at the margin, a high price, there's always an incentive to keep saving. just briefly, i want to ask you about this because i know that you at your university have looked into it. russia were to suspend deliveries as it has threatened. what would be the economic consequences for a country, so dependent on gas coming out of russia like germany. so we have studied this, frankly only or so you march. so what if there was a, a cold turkey embargo march? our numbers were 3 percent. other studies were a little higher for 5 percent in germany. i, frankly,

i'm more at that late level for, for 5 percent in march. what, what has happened now is a 2 opposing forces, and so i, i just haven't repeat the study. so i can't give you a precise number or a number that, that, that i'm willing to back up scientifically. so for one thing on the, on the one and we have, we have, as i said, reduced the gas dependency quite a lot. so should put, didn't cut the gas. now the initial shock would be much smaller than it would have been in march or april. but on the other hand, we also wasted a lot of time adjusting on the demand side and adjustment takes time and that whatever, just what we have to do now will be more costly than have had it been started in it much. all right, really about one of the university of notre dame. thank you so much for all those insights. thanks for having me. ah. confidence in the civility of chinese banks has been badly shaken after 4 war

lenders and china's northern. her none province froze hundreds of thousands of depositors out of their own accounts. but the treatment of some of the victims of the fall out has shocked people following the developments. and as patrick fock reports from beijing isn't the only bank related crisis causing social aneice? ah, the weeks they'd been pockets of demonstrations then one sunday earlier this month, hundreds gathered in june, joe, the capital of hon and province demanding compensation for months they've been frozen at their bank accounts with for rural lenders. before long, thousands of security personnel appeared to suppress the protested panels. ugly rush over by the hundreds. grab somebody and beat them and kick them regardless whether it was men, women, the elderly or children, even people with disabilities. lehman was one of the depositors there that day.

that's not his real name, but laming wants to keep his identity concealed, fearing possible. retribution, a former taxi driver, he told us he deposited $1000001.00 or around 850000 us dollars into one of the banks that had blocked their customers accounts. they were his families, a savings, and they had entrusted him to invest the money. he had a wanted allen to pain. it is brought to us may be life long and could even affect our child's future. the hun and bank scandal drew widespread attention even before the crackdown on protested last month. many people in china were outraged. after a thought, his turn, some of the deposits covert, 19 health could read that stopped them from travelling to demonstrate. it's not clear just how much money the victims have lost in this scandal, but some reports of suggested it could be in the 10s of billions of you on local police. have blame it on a criminal gang saying it's took over these banks and made a legal transfers through fake loans. officials now say

they'll start repaying some victims, but only those with up to $50001.00 and savings. lee and many others fear they'll never get the full amount back. when he had a more, i think they're trying to recover the stolen funds if they could recover what's been stolen, we wouldn't have had this kind of situation into day. so i'm not optimistic. this isn't the only crisis in golfing chinese banks right now. tens of thousands of home buyers across the country have been withholding mortgage payments on stalled construction projects. many of them ran out of funds that are struggling to complete. her man is again at the center. the capital jung, joe is where most mortgage boycotts be recorded and the say both cases point to week government oversight and the local authorities. and in the case of the mortgage crisis, it's to local housing departments, local housing administration to parties. they're responsible for checking the

accounts and making sure that developers use this money in, in appropriate way. this has not happened. many developers have faced the cash crunch since beijing began raining and easy credit to attain its debt pile. so far, banks say they can manage the risks from the mortgage crisis, but if it gets worse, it could threaten their credit profiles and power more pressure on china's already strained financial system. oh, the president, she didn't ping the timing could not be worse. it comes just months ahead of the once every 5 years, communist party congress there, he'll likely tout his success and maintaining stability as a reason to break presidents and stand for a 3rd term. here. gordon chang is an american columnist historian and lawyer has 2001 book. the coming collapse of china predicted the de minds of the chinese economy under communist rule. his latest is

the great us china tech war and looks at the battle for global tech leadership and the 21st century. and i am pleased to welcome him now and mr. chang, welcome to the day. what is your read on what's been happening in china? these past weeks what we have seen recently is the combination of years of may actually even decades of bad policies. the beijing has really tried to pump the economy with unsustainable amounts of debt, especially after the 2008 global downturn. and now across the country, there's just too much, too much in the way of debt, maybe 350 percent of gross domestic product. maybe even more. and so there were always going to be problems that would manifest themselves somewhere. and now we're seeing them across the board in the chinese economy. and is this debt bon that you write about is that in the only underlying factor here, you are recently wrote in an opinion piece that china is approaching. if death

spiral and a point of no return, why is that? is that only the debt? is a number of factors at the same time. first of all, cj and ping believes in the state dominated economy. he's turned his back on the liberalization that resulted in a great growth in china. and he wants something that more approaches the 1950s, and certainly that's not good for the economy. but you do have the dead crisis. you've got coven 19 lock downs. you have a lot of just discomfort and unease and chinese society, so you put that all together at the same time it, it means that the merry go round is the deed stopped. if fail, connie takes and made her head. what will be the implications for the world? i don't think it would be too bad for the world. you know, people say that china is an engine of global growth. well, it really isn't. because to be an engine, a global growth,

you've got to buy the goods and services of other countries to create growth. and china through predatory and criminal practices is taking growth from other countries. so if the chinese economy were to disappear over night, i think that actually after the initial shock there probably would be better growth elsewhere at how it went. and bigger economic crisis impacts teaching, pains leadership style well, as you, as your piece pointed out, he wants a precedent breaking. 3rd term is general secretary of the 20th national congress of the communist party. if tradition halls will be held in october or november, this is not coming at a very good time for see. so while he may get his 3rd term is most analysts think people are now talking about limits on his leadership. and that could very well

create all sorts of tension going forward because see, jumping would try to purge those people who have been opposed to him, but who are in positions of power. and because his legitimate thing was always tie into his promise of common prosperity, you're right, will we see him flex his muscles elsewhere to show strength and this one and clean to legitimacy for his 3rd term and doesn't hold anymore? yeah, i think that he has all the reasons in the world to, you know, invade a neighbor or to create some sort of controversy that diverts the chinese people from their problems at home to a foreign enemy. so india, japan, the philippines, taiwanda, united states, we are all, i think at much greater risk these days out. what can you do to turn things around economically because he does need a when yeah, i don't think that he really is. his ideology would not permit him to do those

things, which are necessary. china has to come to a reckoning because there's just too much debt in the system. also, there are too many unsustainable investments and loans. and you know, when in a free market economy in 2008 around the world and my country, other countries took the big kits. i don't think that the communist party is willing to do that. so within the constraints of communist party ideology, the answer to your question is nothing. there's nothing they can do. oh, there does seem to be a reckoning of sorts among among the citizens, right. the social i'm he well, we've been seen in protests and banks mortgage point, hans. and will any of it make a difference? i think it eventually will make a difference. the mortgage boycotts are now in 86 cities, not just the central part of china. we're now starting to see suppliers to the big

property. companies also refused to pay their loans to banks and banks across the country has had problems and even banks in shanghai, for instance, we're limiting withdraws during the coven locked downs. so i think this is systemic . you know, china blames or criminal gang the for the problems at those for credit associations . but it's really a much bigger problem and it's a problem that is a nationwide and systemic corn chain. great talking to you and thank you so much for your time. thank you. ah, the man italians, one's nick named silver mario has given up after the collapse of his national unity government, prime minister mario drago is resigning. he'll stay on as a caretaker until snap elections at the end of september hope's work. the widely respect a technocrat could bring some stability to italy's tumultuous political arena. now,

17 months after he took the job, analysts say his departure could not have come at a worse time for italy and for europe. drawing his trip to the presidential palace to submit his 2nd resignation within a week, has launched yet another phase of turmoil in italian politics. he was originally appointed to the rule of prime minister to hope is to lee recover from the impact of covert get a grip on a faltering economy and implement economic reforms. those issues have not gone away and if anything have become more pressing, his resignation has left many italians worried about the future. so i watch a delicate moment that i think it was a reckless move, not to bear in mind everything. not that is happening globally with the war. and the ongoing pandemic already thought by

which they live. it really is of the right moment for a government crisis up, but on this should have been the moment to get back on our feet. so i think, okay, not the moment to stop not being cited. let's hope everything goes well, but will august and the problem will be solved on the la, where i wanna onqua corey. the good to you, i will be the political crisis began a week ago when one of the parties and drug his coalition government refused to back an economic package that prompted him to tender his resignation. for the 1st time, it is president asked him to stay on and to try and form a stable government draggy 2nd resignation. after 2 more coalition parties broke ranks brings the curtain down on bad effort. on thursday evening, italy's president sergal marcela deserved parliament clearing the way for new elections to be held on september 25th. the mand up super mario has been asked to

remain an office in the caretaker role until a new prime minister is chosen. and they all got iowa is a research associate and politics and international relations at oxford university . i asked them what we can expect from dragging between now and the september election. he will try to look in the reforms he had started over last year and a half a leave you to receive or something regional 250000000000 yours from european union recovery package. madison has been working on that and he'll try to lock him. he's reformed so that it will stay, it will not be dismantled by next gone. that he will not be able to pass the budget law that will because indeed for, for next year. but in parliament probably between november and summer i. it only has never faced an election campaign in the summer, and that is for a reason like many southern european nations like basically comes to a standstill in the hot months. the cities empty out and people flew to the beaches

. so what does that campaign going to look like? yes, it is going to be peculiar, but i don't think only because of the summer time, and there is extremely time for political parties to submit their documentation that is necessary for running the election. so times are tied from an administrative point of view. also there will be a reduction in the number of seats available in apartment. so you could expect in fighting with the parking to be on the ticket to be you may county the election and you could expect more split. we've already seen that within the 5 pro movement, there's been a split and you could expect more people leaving their parties trying to find somewhere somewhere else where they can fit. ah, you as president joe biden has tested positive for covert 19, according to the white house he's experiencing very mild symptoms which include fatigue and

a cough. the u. s. president reportedly last tested negative on tuesday. the 79 year old is fully vaccinated and boosted twice. he's being treated with packs lavette, an anti virus drug designed to reduce the severity of the disease. i'm glad to isolate at the white house, but continue to carry out his presidential duties as part of a white house press conference earlier tonight. because the president is fully vaccinated, double boosted his risk of serious illness, is dramatically lower. he's also getting treated with a very powerful anti viral and that further reduces his risk of serious zones. and it's a reminder of the reason that we all work so hard to make sure that every american has the same level of protection that the president us today is almost done. but the conversation continues online. you will find us on twitter either at the w news

or you can follow me at nicole underscore for me and the entire team at the day. thank you so much for spending parts of your day with to the point. strong opinions, clear positions, international perspectives. russia's war on ukraine was initially seen as a regional conflict, but it's uh,

ending geo politics. both sides seek new alliances for travel time. is it anything goes for by and put to find out on to the point to the point in d. w. a church is the end of the pandemic in site. we show what it could look like. return to normal. and we visit those who are finding it difficult with successes in our weekly coven 19 special. in 60 minutes on d. w. o. oh . devastated how

are we can we must have cars carried money? defects of climate change, i mean felt worldwide before a station in the rain forest continued. carbon dioxide emissions have risen again. young people all over the world are committed to climate protection. what impact will they have? because change doesn't happen on its own. make up your room minded. d. w. late for mines. ah. russia's war on ukraine was initially seen as a regional conflict, but it is having increasingly global repercussions banding. geo politics and spark intentions far beyond europe. both sides are forging new alliances.