Pressures build on Biden, Europe’s energy market: Weekend Reads

[View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( U.S. President Joe Biden is finding it [tough]( going. His economic agenda, including plans to reduce America’s carbon footprint, is being [trimmed]( by Congress, a supply-chain crunch is defying easy solution and Republicans are [blocking]( voting-rights legislation. President Vladimir Putin said Russia can help [ease]( the European Union’s energy crunch as soon as the controversial Nord Stream 2 gas pipeline to Germany gets regulatory approval. As the Covid-19 pandemic showed signs of [resurgence](, medical journal The Lancet said in a report that climate change is creating ideal conditions for infectious disease transmission and the world’s healthcare systems aren’t ready for the [shock]( it will cause. Delve into these and more of Bloomberg’s best stories from the past seven days in this edition of Weekend Reads. — [Karl Maier]( Shipping containers at night at the Port of Los Angeles. Photographer: Kyle Grillot/Bloomberg Click [here]( for this week’s most compelling political images and share this newsletter with others too. They can sign up [here](. Bidenomics Risks Inflation Push With Spend-Now, Pay-Later Draft With a slimmed-down, front-loaded version of his Build Back Better agenda, Biden could end up [worse]( off on two fronts, [Rich Miller]( and [Mike Dorning]( write. The 10-year program will likely be less transformative than he had hoped and could risk fueling inflation in the short term. Biden Tackles Supply-Chain Crisis With Few Tools, Clock Ticking A supply-chain crunch stretching from overseas manufacturers into U.S. ports and retail stores is [threatening]( the U.S. holiday shopping season. Yet as [Josh Wingrove](, [Jill R. Shah]( and [Brendan Case]( explain, there’s little Biden can do about it. Xi Dials Back China’s Economic Overhaul as Masses Feel Pain President Xi Jinping took a big [gamble]( shaking up key industries ahead of a political gathering that could decide whether he rules the country indefinitely. In recent weeks, Chinese authorities have moved to soften sweeping policies designed to make the economy less dependent on debt, monopolies and fossil fuels. U.K.’s Johnson Sees ‘Extremely Tough’ Global Climate Talks Prime Minister Boris Johnson said the global climate talks — known as COP26 — the U.K. is hosting at the end of the month will be “extremely tough.” [Emily Ashton]( writes that during an interview with Bloomberg Editor-in-Chief John Micklethwait, he called on nations to [harden]( their promises to slash emissions. For more, read the full [transcript]( of his remarks. - The U.K. released a [sweeping]( plan to decarbonize its economy by targeting everything from the finance industry to home heating. How to Stop 30 Years of Failing to Cut Emissions World leaders have held 25 Conference of Parties on climate change since its [risks]( were sounded in 1990 by United Nations experts. As [Akshat Rathi](, [Eric Roston]( and [Jeremy Scott Diamond]( report, they’ve shown that agreeing on the evidence isn’t the same thing as building a consensus on what to do about it. - Saudi Arabia, the world’s biggest oil exporter, has pledged to [eliminate]( planet-warming emissions within its borders by 2060. Speaking in a televised meeting with officials on Wednesday, Putin ordered Russia’s most [sweeping]( Covid-19 restrictions since May as the numbers of new infections and deaths during the pandemic reached record levels. How Delta Is Bolstering the Case for Covid Boosters: QuickTake Covid-19 booster shots are being rolled out in the U.S. and other countries in response to [waning]( antibody levels in already vaccinated individuals. But as [Jason Gale]( explains, giving a third shot to healthy people is a contentious strategy with many low- and middle-income countries yet to immunize even a 10th of their population. India-China Talks Deadlocked Over Troops Near Key Himalayan Pass Chinese and Indian military commanders are [deadlocked]( over the best way to pull back troops from a strategic area in the Himalayas, sources say. [Sudhi Ranjan Sen]( reports on the prospect of another strained winter along the border where tensions have simmered since 2020. Asia’s Secretive Gas Dictatorship Hides a Climate Catastrophe The former Soviet republic of Turkmenistan is one of the world’s worst [emitters]( of planet-warming methane. [Aaron Clark]( and [Matthew Campbell]( outline why it’s so difficult to persuade the Central Asian nation to reduce its climate impact. Turkmenistan’s “Gates of Hell,” a crater 70 meters wide created in a drilling accident, has been burning gas for more than 40 years. Videographer: Rick Ray/Shutterstock Best of Opinion This Week - [Global Energy Drought May Herald Future Excess: David Fickling]( - [Colin Powell’s Lessons on War and Optimism: James Stavridis]( - [What Xi Jinping Really Means by Common Prosperity: Shuli Ren]( - [Meet the UAE’s Royal Troubleshooter: Bobby Ghosh]( - [How Iran Is Leveling The Battlefield With Crude Drones: Eli Lake]( The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free U.S. congressional Democrats have put forward legislation seeking to plug the holes used by [billionaires]( to pass on their wealth to their families while avoiding taxes. As [Ben Steverman](, [Anders Melin](, and [Devon Pendleton]( explain, the super-rich [are rushing]( to set up trusts and transfer assets to heirs while they still can. Winter Crisis Raises Prospect of Energy Blockades in Europe As Europe heads into winter facing an [unprecedented]( energy squeeze, governments could resort to curbing sales of natural gas and power to other regions. An even more extreme scenario, [Vanessa Dezem]( and [Rachel Morison]( write, could see them halt flows to one another, triggering a political and economic crisis. Mystery Around Czech President’s Health Leaves Nation in Limbo President Milos Zeman has been in intensive care since Oct. 10. And for the first time since [communism]( was toppled here in 1989, there is almost no information on his state of health. [Peter Laca]( explains why conspiracy theories are running amok. Bolsonaro Accused of Crimes Against Humanity in Covid Probe A Brazilian senate commission recommended President Jair Bolsonaro be charged for nine offenses including [crimes]( against humanity and malfeasance in its report of a probe into the government’s handling of Covid-19. Yet as [Simone Iglesias]( writes, it’s unlikely to have any short-term impact on the president’s political fate. And finally … The man holding the fate of Sudan’s economy in his hands is [demanding]( the government’s dissolution and a swift election. As [Simon Marks]( and [Mohammed Alamin]( report, Mohamed Alamin Tirik has used his position as the chief of the Beja community in eastern Sudan to impose a blockade on the nation’s main port that’s brought trade to a halt since Sept. 17. Mohamed Alamin Tirik. Photographer: Simon Marks/Bloomberg  Like Balance of Power? [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022