Final Word from Wednesday, July 19, 2023
Ex-PM Mirek Topolánek said in March that people who thought that the war in Ukraine and the resulting energy crisis and high inflation would lead to a let-up in the Green Deal environmental reforms are out of luck. Intentionally halting economic growth is difficult, he said, but Europe is accomplishing it. His boss, Daniel Křetínský of EPH, is among those who are profiting the most from the situation. Křetínský's net worth rose last year by 70%, according to Forbes, to $9.2bn. Le Figaro said that his latest deal, Casino grocery retailer, is helping to turn him into the new tycoon of French capitalism. Křetínský told Les Echos business daily that his philosophy is to invest in services that are essential to the population and that have a substantial asset base. This is true of energy, he said, and also of food. He's like an oligarchic version of a prepper who sees where things are headed in Europe and wants to get as much food as possible in the cellar and fuel in the tank before the big storm hits. [ Czech Republic oligarch newspaper Club of Rome ]
Glossary of difficult words
prepper - a person who believes a catastrophic disaster or emergency is likely to occur in the future and makes active preparations for it, typically by stockpiling food, ammunition and other supplies;
tycoon - a wealthy, powerful person in business or industry.