Originally published at: https://boingboing.net/2020/03/09/coronavirus-and-oil-shocks-sin.html
Hello, bear market.
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I take zero joy in cheaper gas. There’s no joy to be found in rising deaths, in the fear that is spreading, and in the wholesale destruction of people’s retirement funds that this spiral is creating. But I do have a great deal of anger right now, aimed squarely at the 1% and above who are safe in their expensive gated homes, with their fantastic healthcare plans, staring at us through the television telling us “all is well! Go out and spend, take trips, it’s contained!” in their greedy need to prop up their stock prices.
Greed is killing us as surely as this pandemic.
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The thought of Putin crying himself to sleep brings a smile to my face.
His plans for World Domination are being dealt a setback today.
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Crying himself to sleep? In his pile of gold? I don’t think these people ever lose… it’s all just a big game to 'em.
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“Russia is missing, or has already missed, the chance to transform how it generates revenue by investing instead on military expansion, economy consultant Yakup Kocaman told TRT World . The effect of Russia’s military expansion policy will be seen in the long-term, he said, commenting on the country’s dependence on oil.”
“The revenue from oil and gas is also very important for Russia as the country is carrying out military activities in several regions such as Ukraine, Crimea and Syria,” Kocaman told TRT World.
“Russia’s recent growth is cyclical, and will fall flat if there is no restructuring of the economic system, said Eurasia Group senior analyst Jason Bush. High oil prices aren’t enough for Russia’s economy to grow steadily”
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Perfect.
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Putin is going to be alright. Sanctions on Russia have prepared the country for survival and the exchange rate makes it extremely cost effective to produce oil. Furthermore, Russia has more cash saved up in its rainy day fund than Saudi, which also has a currency pegged to the USD.
The major victims will be small companies and small producers. When the water goes out, then you see who is hedged and who isn’t.
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I’m not sure at all that this follows. The outrageous drop in oil that coming soon is by his design. SA wanted to lower production and stabilize prices, but Russia wants to increase production, flood the market, and kill off American production, which is apparently over-leveraged and more susceptible to this kind of tactic now than they were in 2014 when SA tried it before.
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Oh, and Denholm’s dead …
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Maybe that is just as planned 
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As many have said, we are on track for a horrible January inauguration, when the Democratic president, together with Democratic majorities in both houses, will first have to deal with a ruined economy, a government lacking in competent employees in all levels because the good ones were driven out, a resurgent pandemic thanks to incompetence…
It doesn’t matter if it’s Biden or Sanders, new policies will have to take a back seat to cleaning up and repairing the wreckage.
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This is your daily reminder that an average flu season from regular old influenza kills 30,000-40,000 people, hospitalizes around 500,000, and results in 16 million medical visits per year in the US alone
Wash your hands, sure, but can we please keep some perspective here.
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He’s got the top 10 now, and 15 of the top top 20.
The other 5 are all under Bush, Jr.
(Of course, he could point out that he has 10 of the top 20 largest daily point gains as well, MORE THAN ANY OTHER PRESIDENT, UNBELIEVABLE, NOBODY TALKS ABOUT THAT, including the top 3 (two of which were last week))
ETA: https://en.wikipedia.org/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average
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I dunno man, sounds like a pretty good day to me.
Your point is taken, but a part of that perspective is listening to the experts, how they describe the potential of this virus, and what we should be doing in response. They most definitely aren’t treating it like it’s another run of the mill flu virus.
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Same as it ever was (for Dem administrations).
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Incubation period for Regular Old Influenza is ~2 days. We think (don’t know given the current lack of info) the incubation period for Covid-19 is ~2 weeks.
I was in the hospital (took the subway) 1 1/2 weeks ago. I could be carrying it now giving it to my family and friends and I would never know.
Had to tell my 7 y/o that she couldn’t go in the ball pit at the playground and she couldn’t understand why.
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