Just How Bad Is It If One's National Economy (GDP) Contracts By 35%? March 4, 2022

The imploding Russian economy is tracked here.  

Yesterday it was reported that Russia's economy was likely to contract by 35%, annualized. 

I didn't think much about that. The Russian economy is smaller than that of Texas, and the memes regarding Moscow's economy are mostly centered around babuschkas standing in line for bread. A contraction of 35% in such an economy didn't excite me.

I guess I was wrong.

From social media: Russian GDP to shrink 35% annualized? That's horrific. Makes the Great Depression fall of 12.9% in 1932 look like a cakewalk.

So, now, finally, that 35% contraction put in perspective. 

And some think that 35% contraction prediction is understated. 

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The Movie Page

TCM: their line-up is never random.

Today's feature: Cromwell. Oliver Cromwell, not royalty, helped overthrow the Stuart monarchy, and as lord protector (1653 - 1658), he raised England's status once more to that of a leading European power from the decline it had gone through since the death of Queen Elizabeth 1. He oversaw the beheading of Charles 1 and "ruled" England for four years (1654 - 1658). His health gave out in 1658, he contracted malaria, and died in London. Charles II was restored to the throne. 

Alec Guinness was an incredible "Cromwell." It was impossible to watch/hear Richard Harris as Rod Stewart. Sorry. 

At the 7th Moscow International Film Festival in 1971 it won the award for "Best Actor" (Richard Harris), and was nominated for the Golden Prize as Best Picture. 

My hunch: this movie is not showing in Moscow this week.

Following this movie, was a "short": The Declaration of Independence. Delaware was key.

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Shipping

Holy mackerel: shipping lines Maersk, MSC, Hapag-Lloyd, and Ocean Network Express -- which together make up half of the world's container shipping capacity -- have suspended service to Russia. 

There was a lot of discussion the other day about Russian tankers transporting oil. 

It appears India has figured this out: India won't worry about day-rates for tankers; won't worry about insurance of tankers; won't worry about sanctions on Russia. When it comes to shipping, India is telling Russia: we'll negotiate the price when the ship shows up to port and is ready to unload. But, no, we aren't going to pay for shipping costs, insurance, or anything else connected with the actual transportation. 

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This Is Truly Scary

Remember, this comes out at the same time Phil Mickelson was promoting a Saudi Sand Golf Association because he was unhappy with his paltry earnings from the PGA, Callaway, KPMG, Workday, American Express.

From The Atlantic, "Absolute Power," by Graeme Wood, March, 2022, almost makes we want to renew my subscription to The Atlantic which I dropped during the Hillary Clinton-Trump race for presidency.

But I digress.

Asked about the murder of Jamal Khashoggi, Mohammed bin Salman said, "If that's the way we did things, Khagshoggi would not even be among the top 1,000 people on the list." 

Think about that. 

Holy mackerel. 

A lot of bone saws.