[NB: check the byline as usual, thanks. /~Rayne] We’ve discussed in comments this past week the possibility Russia’s invasion of Ukraine will deeply affect the global wheat market. It’s already affected wheat futures pricing dramatically. But wheat futures are only the tip of the iceberg. We are looking at the unfolding of a world war […]
Russia has a nominal GDP of $1.710 trillion (2021), which isn’t that big on the global scheme.
Now compare that to the state of Texas by iself has a nominal GDP of $2.0 trillion (2021). Canada has a bigger GDP of $2.016 trillion (2021).
Russia is really not in a position to sustain all these sanctions for an extended period of time.
According to The Economist, the Russian currency should’ve been worth around 70% more against the U.S. dollar than its current level of around as calculated using Big Mac Index. This means that real Russia’s economy is bigger than Germany’s. https://www.economist.com/big-mac-index
However, the more important part is that Russia is one of the biggest commodity exporters in the world, and there aren’t any readily available replacements. This includes things like food, fertilizer, titanium, energy, and many other things. This notion that Russia is some irrelevant country in the global scheme of things is beyond hilarious. And if you look at what’s happening to the global economy as we speak then you’ll see just how deranged this notion is.
Russia has a nominal GDP of $1.710 trillion (2021), which isn’t that big on the global scheme. Now compare that to the state of Texas by iself has a nominal GDP of $2.0 trillion (2021). Canada has a bigger GDP of $2.016 trillion (2021).
Russia is really not in a position to sustain all these sanctions for an extended period of time.
According to The Economist, the Russian currency should’ve been worth around 70% more against the U.S. dollar than its current level of around as calculated using Big Mac Index. This means that real Russia’s economy is bigger than Germany’s. https://www.economist.com/big-mac-index
However, the more important part is that Russia is one of the biggest commodity exporters in the world, and there aren’t any readily available replacements. This includes things like food, fertilizer, titanium, energy, and many other things. This notion that Russia is some irrelevant country in the global scheme of things is beyond hilarious. And if you look at what’s happening to the global economy as we speak then you’ll see just how deranged this notion is.