Stealing Christmas back from the energy Grinch

This is Bloomberg Opinion Today, a perestroikian pirouette through Bloomberg Opinion’s opinions. Sign up here. Christmas in this country may [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a perestroikian pirouette through Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Christmas in this country may be [the envy of the world](. - The world is mourning this country’s [architect of glasnost]( ... - … whose death may prompt his country to engage in [nationalistic nostalgia](. - The [climate catastrophe]( is hitting this country harder than it should. Keep Those Bells Jingling Europe faces a worsening energy crisis as Russia weaponizes gas supplies to test the West’s resolve in condemning the invasion of Ukraine. In Berlin, measures to reduce energy consumption, including lowering temperatures in public buildings and swimming pools, have an [explicit exemption]( for both Christmas lighting and the annual Festival of Lights. But it’s [the UK that may make the biggest effort]( to preserve the season’s cheer and goodwill, argues Andrea Felsted. While energy bills are set to climb and inflation is pushing up costs everywhere, increased UK government assistance is likely to relieve the pressure on households. The World Cup, being held in November and December for the first time, gives an excuse for festive football fanaticism, albeit one that relies on the fortunes of the England football team to keep soccer fans smiling and spending. With Covid wrecking British Christmas get-togethers in 2020 and 2021, Andrea reckons revenge spending will kick in this year, in the same way that a hot summer prompted Brits to splurge despite the cost-of-living crisis. Sure, there’ll be changes. Shoppers are likely to trade down, buying cheaper Christmas essentials such as food and wrapping paper, while adults may receive fewer gifts as families prioritize their children. Purchases are also likely to be delayed until the last minute, echoing behavior in the recent back-to-school season. But consumers typically treat Christmas as sacrosanct. “When life is a struggle, people try to make the holidays a brief respite from their woes,” Andrea writes. “It looks like those Christmas tree lights will still be twinkling.” RIP Mikhail Gorbachev Few leaders are lauded for overseeing [the collapse of their own empires](. Mikhail Gorbachev’s death on Tuesday aged 91 is an opportunity to reflect on a former Russian leader who took a very different approach to dealing with the world than the current incumbent, Vladimir Putin. “As one Communist domino after another fell to mostly peaceful revolutions, Gorbachev — in defiance of Soviet custom — resisted the urge to send in the tanks,” notes the Bloomberg editorial board. While his accomplishments in trying to change society after taking charge in 1985 can be exaggerated, the political slogans Gorbachev is remembered for — glasnost (openness) and perestroika (restructuring) — echoed the desire of ordinary citizens for change. But his reforms were “noble in principle, shambolic in practice,” and led not only to the demise of the Soviet Union, but also hobbled Russia’s development for decades, the editorial board argues. “It’s fair to say that Putin’s eventual rise (and, indeed, his invasion of Ukraine this year) was a direct result.” Gorbachev’s legacy when he left office in 1991 was chaos, and his death is likely to prompt “a focus on [sepia-tinted Soviet nostalgia](,” argues Clara Ferreira Marques. The Kremlin will co-opt his failure to prevent the breakup of the Soviet Union to justify its aggression in Ukraine. “Putin, who promotes a vaguely Soviet-inspired national mythology, needs a distraction from the counter-offensive by Kyiv that his forces are now battling,” Clara writes. Gorbachev failed in many ways, but still managed to leave the world in a better state. “Gorbachev, perhaps uniquely among dictators, was an honorable loser,” writes the editorial board. “There’s no shame in that.” Additional Obituary Reading: Gorbachev’s failures [did not go deep enough](. — Leonid Bershidsky Telltale Charts Money can’t control the rain. But [spending on infrastructure can protect a country]( from the aftershocks of natural disasters, argues David Fickling. With the climate crisis likely to lead to ever more extreme weather, Pakistan is particularly vulnerable after years of underinvestment. “Pakistan is struggling to run up a descending escalator, with energy import dependence, weak agricultural productivity, and lack of external investment contributing to a vicious cycle of underdevelopment,” David writes. More than 18 months into Joseph Biden’s presidency, Justin Fox has run the numbers on how the US economy has fared. Biden is on track to record the best outcome for growth since Bill Clinton — “somewhat to my surprise,” writes Justin. Further Reading Sorry, Mark Zuckerberg, [the Metaverse won’t replace Zoom](. — Parmy Olson [More soldiers]( won’t curb Mexico’s rampant violence. — Shannon O’Neil The Fed is about to go [full throttle on quantitative easing](, but risk assets might survive the tightening. — Kevin Muir While Joe Biden is unpopular, [Democrats aren’t](. — Julianna Goldman This is [the hottest commodity]( in the oil market right now. — Elements by Javier Blas ICYMI Shell’s attempted $1 billion oil cleanup makes a [Nigerian pollution hot spot]( even worse. [Photograph of secret documents]( piled on a carpet at Donald Trump’s Mar-a-Lago club adds to pressure. Hedge funds hoping to make a quick buck on Russian default [are losing faith](. Kickers Micky Dolenz, the last surviving member of The Monkees, [is suing the FBI]( to access files the agency compiled about the band in the 1960s. Florida is trying to make trendy [Brazilian butt lifts]( less deadly. “His emotional support animal is an alligator. [They sleep in the same bed.](” (h/t Jessica Karl) Southampton gardener breaks world record for [the longest cucumber ever grown](. Notes: Please send emotional support and complaints to Mark Gilbert at magilbert@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. 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