This is pretty huge. About half of Russia’s crude oil exports go to Europe. Losing 2/3rds of that market is a big hit to one of their staples.

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@dave
Not really.
Russia is a self-sustaining coutry, so not being able to trade is not a real issue, unless it stays disconnected for at least a decade. (I would guess)

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Russia is a self-sustaining coutry, so not being able to trade is not a real issue

Russia losing the ability to trade is doing massive damage to their GDP, and tons of Russians were employed by multi-national corps that have now pulled out of Russia. I can’t recall specific unemployment figures but I believe they were expecting something like a 20% YoY GDP shrink because of the sanctions and multi-nationals pulling out.

And it’s going to get worse because the end goal is to stop importing russian oil or gas entirely. The contraction is going to be painful.

@dave @LukeAlmighty lol crashing the world economy through massive increase in the price of oil to ostensibly harm an oil superpower. What's next in your amazing plan?

You think China is going to stop buying Russian oil? I hope the Euros freeze and starve this winter, that will really hurt Putin.
@rdr @LukeAlmighty @dave
>I LOVE BEING A SERVICE ECONOMY THAT OUTSOURCED ALL MANUFACTURING AND BEING A VASSAL CLIENT STATE
Euro fedi people have my thoughts amd prayers 😭
@LukeAlmighty @dave @rdr I'll have to get used to woollen blankets and clothes in ireland myself. :comfysweat: This is fucked.
@Telvannichad @LukeAlmighty @dave do you guys do a lot of snuff (nasal tobacco) in ireland or no. here we get a lot of Copenhagen (American chew) and a bit of snus (one brand) but no snuff, have to import it. I know it's bigger in GB.
@rdr @LukeAlmighty @dave Not really an irish thing tbh although we have McChrystal snuff behind pubs where you could buy it off the barman. We do have our own pipe tobacco tho :comfy:

@Telvannichad @rdr nicotine pouches? is that like chewing tobacco but in a pouch?

@marine @Telvannichad no you put it in your upper lip, basically a tobacco free snus. i only had one can, before they banned the import of them to canada. it wasn't bad, much better than vape or NRT.
@marine @Telvannichad it doesn't make you inhale/exhale anything so you can do it indoors anywhere, vape is ok but has the association with being a "mouth fedora"

@rdr @Telvannichad literally, there’s nothing wrong with vaping outside of a subset of people that do it.

@marine @rdr There's no smoke, additives or preserving agents that vapes or cigs use which could fuck you up extra. They're just pouches with nicotine, just let them absorb thru your mouth.

@dave
Yes, but GDP is a ridiculously bad measurement of people being rich. All it does is say, how much they work.

All I'm saying is, that as long as nation has both food and energy covered, they are going to be OK, no matter how "bad the economy gets".

On the other hand, Europe is fucked right now...

@dave GDP is a meme econometric that measures participation in the global economy, not production.

@LukeAlmighty

@NEETzsche @dave
It should measure production. Is there something I'm missing?

(Also, measuring production without price of that production or passive costs of society is a joke to be sure.)

@LukeAlmighty GDP doesn’t measure production, it measures recorded transactions.

What if I raise some chickens as you’re building up a cattle ranch and then we swap eggs for milk? How much does GDP increase? None, because the transaction isn’t recorded.

What if I build a big, fancy house or of materials that are on my property, and don’t sell it? How much does GDP go up? None, because there’s no transaction.

You know what does make it into GDP? Rent.

@dave

@NEETzsche @LukeAlmighty @dave So what you're saying, basically, is that we need a more rent-focused economy? I can get behind that.

@NEETzsche @dave
Thanks.

I am about to finish economics uni, and let me tell you... economics might actually be on par with gender science in respect to how much do people have to be delusional to make the shit up.

@NEETzsche @dave
And before you ask, I am at an economic school because their marketing was fraud in every sense except for the legal one.

@LukeAlmighty Economics isn’t entirely bullshit but it has a lot of bullshit ideas for sure

@dave

@NEETzsche @dave
Yeah, the discipline is perfect.
I was just complaining about the culture in economics university. :alexjonessmile:

@NEETzsche @LukeAlmighty @dave

If everyone paids for items using
Physical Cash
Swapping
Barter
Community Markets

Why do we need
Central banks
Tax
corporations

Cant we just grow, make and produce our own items

@LukeAlmighty@gameliberty.club @dave@gleasonator.com they had to import 34 billion in food stuffs in 2021 don’t know how self sustaining they are, most of their land isn’t fit for growing anything other than potatoes

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