‘Four meals away from anarchy’

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Modern society, as a saying commonly attributed to the U.K.'s MI5 intelligence service goes, is always "four meals away from anarchy." With the world facing spiraling energy prices and a pandemic-induced supply-chain crunch for everything from grains to computer chips, it's a maxim occupying the minds of many leaders. With news from the U.K. of empty supermarket shelves and gas station pumps and government warnings to avoid panic buying during a driver shortage blamed at least in part on Brexit, challenges are looming for the rest of the planet too. For starters, temperatures this winter in the northern hemisphere will ripple through every conceivable market. Meteorologists are divided on how it will play out, but the most frigid scenario — the potential disruption of the polar vortex — could turn the world-wide energy squeeze into a full-blown crisis. The fight for resources has already started: China ordered its state-owned companies yesterday to secure energy supplies at all costs, telling coal producers to run at full capacity even if they exceed annual quota limits. The news sent natural gas and power prices to record highs in Europe, where lower flows from the continent's main supplier, Russia, are raising alarms. In the Netherlands, skyrocketing power prices are forcing Europe's biggest network of greenhouses to go dark or scale back, threatening produce supplies. And France, where President Emmanuel Macron is running for re-election next year, said it will block new increases in regulated gas tariffs and cut taxes on power to temper discontent. Extreme weather is also tightening the world's supply of wheat, shrinking stockpiles and dimming prospects for output from North America to Russia, even as signs increase that the world will need more. After one bad winter under the virus, the one to come may provide little respite for governments already straining under the economic costs of fighting the pandemic. — Michael Winfrey

Empty shelves in a Sainsbury's supermarket in London on Sept. 7. Photographer: Justin Tallis/AFP/Getty Images Click here for this week's most compelling political images and tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Global Headlines

Trying again | U.S. House Speaker Nancy Pelosi will make another attempt today to hold a vote on bipartisan infrastructure legislation that's been held up by a battle among Democrats over President Joe Biden's economic agenda. Progressives are vowing to stall the $550 billion infrastructure bill if the House and Senate don't first vote on a tax-and-spending package worth as much as $3.5 trillion. Stepping back | The U.K. government today ends most of the measures that helped businesses stay afloat and avoid insolvency during the worst of the pandemic, Irene García Pérez reports. Creditors will again be allowed to serve statutory demands for payments and file winding-up petitions for companies that haven't paid debts on time. In terms of women's educational attainment, no country does better than Australia. But when it comes to women's participation in the economy, it's ranked 70th by the World Economic Forum — behind Kazakhstan and Zimbabwe. In the past year, the gender pay gap rose almost 1 percentage point, Nabila Ahmed reports. Side swiped | Property developer China Evergrande Group's financial woes have spilled over to Sweden, with a unit of the company's electric-vehicle arm in talks to find new backers after cutting 300 jobs. The fallout from Evergrande's battle to stay afloat has rippled through China's economy and global markets, and its Hong Kong-listed EV arm is also facing a fight for survival. Best of Bloomberg Opinion The Taliban Must Know That We Are Still Watching: Ruth Pollard The High-Earner Tax Break That Democrats Forgot: Alexis Leondis Hippies and Yuppies of the World, Unite!: Andreas Kluth Party revamp | Incoming Japanese Prime Minister Fumio Kishida named new top ruling party executives, including a rival known for hawkish policies toward China, as he prepares for a general election as soon as Nov. 7. As Isabel Reynolds reports, among those ousted was backroom power-broker Toshihiro Nikai, who had been the party's No. 2 for more than five years and is known for his friendly ties to Beijing. Confidence among big businesses unexpectedly improved for a fifth straight quarter, a boost for Kishida as he takes the helm. Prime target | Months before what's expected to be a close presidential race in South Korea, lawmakers are targeting big tech. Parliament is holding five weeks of hearings to grill the leaders of internet giants such as Kakao and Coupang, just as it did five years ago when family-run conglomerates were blamed for enriching themselves by abusing their position. Bloomberg TV and Radio air Balance of Power with David Westin weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online here or check out prior episodes and guest clips here. What to Watch The U.S. Supreme Court term that starts Monday with a 6-3 conservative majority will rule on a number of divisive issues including abortion, guns, religion and federal regulation. The U.K. government urged Mali to reconsider its engagement with a Russian mercenary group, warning that any deal risks undermining stability in West Africa. Pyongyang claimed it had tested a newly developed anti-aircraft missile, a day after leader Kim Jong Un called Biden's North Korea policy a "petty trick." Georgia's former President Mikheil Saakashvili said he's returned after eight years in exile, defying government warnings he will be detained on allegations of abuse of power. Ethiopia yesterday ordered seven senior United Nations staff members to leave within 72 hours for allegedly meddling in its internal affairs, a move condemned by the UN chief and U.S. officials. Pop quiz, readers (no cheating!). Which country is poised to have its first-ever female head of government? Send your answers to balancepower@bloomberg.net. And finally ... It's the highly secure space where presidents watched as U.S. forces killed Osama bin Laden and Abu Bakr al-Baghdadi. It's where Biden learned that a suicide bomber killed 13 American service members in Kabul. It's also a technology throwback, with some equipment that hasn't been updated in 15 years. Now the Pentagon has proposed almost doubling funds to about $100 million to accelerate an overhaul of the White House Situation Room, Tony Capaccio and Jennifer Jacobs report. Then-President Barack Obama, Biden, Secretary of State Hillary Clinton and members of the national security team follow the mission against bin Laden in the Situation Room in 2011. Photographer: Pete Souza/The White House/Getty Images

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