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Business, Economics, and Taxes: Capitalism. Yay? >=(

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I started to be a freelancer more than 2 years ago and very happy I finally made this decision. I was always interested in programming but was always afraid I am not smart enough to become professional in this field. At the moment I have more than 50 satisfied clients and know what is node js used for. I guess all the limits are just in our heads.
 
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So Russia is going to put a ban on all exports. Biggest impacts are
  • palladium (45-50% of world's supply and critical for catalysts)
  • platinum (15%, ditto)
  • gold (9.2%, electronics and dumb shit)
  • oil (8%, duh)
  • Nickel (5%, catalysts and more importantly steel alloys [fuck me...] - side note, massive short squeeze this week. Nickel jumped something like 4-5x in a week because of a whale short position in China)
  • Wheat (5% duh)
  • Aluminum (4%, cars and planes)
  • Coal (4%, duh)
  • Copper (3%, duh)
  • Silver (3%, duh)
Electronics are about to get more expensive and catalytic converters are going to become an even bigger target. We'll definitely need to rethink the penalties and enforcement and potentially consider how to destroy the secondary market. I'd very much be in favor of highly regulating the trade and sale of palladium and platinum at least for the short term. Better than having to setup claymores around your car.
 
Deutsche Gopher Fan said:
Jake tapper has some chode Republican on. Wants us to drill more, open up anwar.

fuck every Republican with a hot spiked poker
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Jenny Granholm was on CNBC this afternoon and shot every single FOX talking point to hell.

There are already unused permits just sitting around waiting for more companies to take advantage of them.
 
Kepler said:
Nickel trading was halted today. What the hell?
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Because of the massive short squeeze. SOmeone had a big short position, they got margin called because the price rose enough, and because they had to keep gobbling everything up to cover, price goes plaid in a very, very short time. This is one of the worst I've ever seen though. Someone lost billions on this almost guaranteed.

There's some talk of short squeezes on other precious metals too. WOuld be fugly.

Edit: Oh what the fuck LME. They cancelled all the trades so someone got bailed way, way the fuck out.

Some rando on twitter made a good point:
If the trader canâ??t cover his margin call the broker must. If the Broker canâ??t cover the margin call the brokerage house must cover. If a brokerage house canâ??t cover the margin call the exchange has to cover. Now we all understand why those trades are busted.
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The nickel market broke and now they're fixing it.

Edit 2: Oh fuck off. LME is owned by a Hong Kong company and the bagholder is potentially a state-owned bank in China. From a bloomberg article:
A Chinese tycoon who built a massive short position in nickel futures is facing billions of dollars in mark-to-market losses after this week's unprecedented price spike, according to people familiar with the matter. Xiang Guangda -- who controls the world's largest nickel producer, Tsingshan Holding Group Co., and is known as "Big Shot" in Chinese commodity circles -- has closed out part of his
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The tightness in the market had been exacerbated by the presence of an unidentified trader who, according to exchange data, controlled somewhere between 50% and 80% of nickel warehouse warrants monitored by the LME as of last month.
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On Monday, one of Tsingshan's brokers -- a unit of a state-owned Chinese bank -- failed to pay hundreds of millions of dollars in margin calls on its nickel positions. The LME did not put it into default, instead giving it more time to pay. Those payments have now been made, a person familiar with the matter said on Tuesday. The LME said Tuesday that trades that took place in Asian hours before the suspension -- when prices rose from around $50,000 to above $100,000 a ton -- would be cancelled
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aparch said:
Jenny Granholm was on CNBC this afternoon and shot every single FOX talking point to hell.

There are already unused permits just sitting around waiting for more companies to take advantage of them.
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Yep. These companies want prices high for two reasons
 
Kepler said:
I heard a figure today which even my jaded and addled mind has difficulty accepting. According to this speaker on I think the Beeb, for the oil they receive Europe pays Russia one billion dollars a day.

I have to think that if you shut that off Russia's government falls within weeks.
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Whoa. I took a peek. Russia's GDP is $1.7T, or $4.65B per day. If $1B/day is accurate, that's 21% of Russia's economy....on top of all the other parts of their economy that have already been ruined. They're not going to have the industrial capacity to make boots, let alone bullets.
 
LynahFan said:
Whoa. I took a peek. Russia's GDP is $1.7T, or $4.65B per day. If $1B/day is accurate, that's 21% of Russia's economy....on top of all the other parts of their economy that have already been ruined. They're not going to have the industrial capacity to make boots, let alone bullets.
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Jesus fuck

Tack onto that Putin banned exports of most metals and that's... huh.
 
aparch said:
Jenny Granholm was on CNBC this afternoon and shot every single FOX talking point to hell.

There are already unused permits just sitting around waiting for more companies to take advantage of them.
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Exactly. That fucking argument always pisses me off. It's BS.
 
unofan said:
Yeppers. Especially the metals. China probably gets a premium on both sides, too. Russia will be desperate to sell and the West will be desperate to buy.
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Yeah, that's probably exactly how it will work. I just can't imagine Russia cutting off its right leg and expecting to survive. It would push the country back into the 1800s by the end of the year. Hell, maybe in a few months.
 
Welp.

March 8 (Reuters) - Fitch on Tuesday downgraded Russia's sovereign rating by six notches further into the junk territory to 'C' from 'B', saying a default is imminent as sanctions and trade restrictions have undermined its willingness to service debt.

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The rating firm pointed to Presidential decree, which could potentially force a redenomination of foreign-currency sovereign debt payments into local currency for creditors in specified countries.

"‍Further ratcheting up of sanctions and proposals that could limit trade in energy increase probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations," the ratings agency said in a statement.

On March 16, Russia is due to pay $107 million in coupons across two bonds, though it has a 30-day grace period to make the payments.

The 'C' rating in Fitch's assessment is only one step above default, bringing it in line with the Moody's current equivalent score of 'Ca'.

The change comes less than a week after Fitch revoked Russia's investment-grade status, slashing its rating to "B" from "BBB". Peers Moody's and S&P had also lowered their sovereign ratings.
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3 M suspended all Russian operations today. Took a very interesting tone in the announcement. Used the active voice, "Russian invasion of Ukraine."

Which... was surprising.
 
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