Final Word from Tuesday, October 26, 2021

Covid has widened the gap between the rich and the poor, just as it has widened the gap between the "real" and market values of assets. Even before covid, the Czech National Bank was warning of a bubble on the real-estate market, and Gov. Jiří Rusnok told HN this month that there is definitely one now in certain localities. People with property and other investments have in many cases seen their net worth rise, while those without much to their name have suffered financially as living costs have jumped. The shutdown of Bohemia Energy was a day of reckoning for many households. They hadn't yet connected the dots between covid, Europe's climate-change measures and Nord Stream 2 on the one hand, and a reduction in household wealth on the other. They had to admit that they are poor and can no longer make ends meet. For others, Jiří Písařík's Bohemia Energy play can serve as inspiration. If he's making a killing by selling high what he bought low, he's taking advantage of a temporary gap between "real" and market values. Others with overpriced assets can do it too, but only for a limited time. [ Czech Republic Hospodářské noviny natural gas electricity Green New Deal ]

Glossary of difficult words

net worth - the value of the assets a person or corporation owns, minus the liabilities;

to one's name - owned by one;

to connect the dots - to understand something by piecing together hints or other bits of information;

to make ends meet - to have enough money to buy what needs to live;

to make a killing - to have a significant financial success;

play - a move or maneuver in a sport or game;

buy low, sell high - financial advice to buy low-priced stocks or other assets and then sell them when their price is higher, thus making a profit.

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