By now, a whooping 171,000 people died of the coronavirus. Let's start to try to imagine what some of the consequences of the lockdown "to save lives" are.
Saving lives is more important than profit.
Nigeria is classified as a mixed economy emerging market. It has reached lower middle income status according to the World Bank.
Nigeria made history in April 2006 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club.
They are slowed down by the west telling them to use clean energy to save the planet.
They have hard anti business laws, but things are - were - improving.
With the fall of oil prices during the 1980s oil glut Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans. Arrears and penalty interest accumulated on the unpaid principal, which increased the size of the debt.
Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP and 80% of Government earnings.
To this day, 22 people have died of the latest coronavirus mutation in Nigeria. The country has a population of 200 million.
Some other examples:
Algeria is classified as an upper middle income country by the World Bank.
Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter.
Venezuela... Ok this is too negative I won't even say a word on this.
Lybia which is already in big trouble has 50% of its gdp reliant on Oil. They used to be a rich country... (Norway is under 10% and the UK is close to 0% - below 1)
The USA used to have 0% of their GDP linked to Oil more or less, but of course it went up alot recently, in particular with Trump wanting to be independant, my sources say 8% of the US GDP is Oil reliant, 10 million jobs.
Lots of middle east & african countries are very reliant on Oil.
Slavery is back in Lybia, the fall of Iraq "bringing democracy" produced wide terrorism.
I wonder what happens when dozens of countries fall even harder than this?
If you think this is alarmism or perma bearishness, please explain where the 15 economies most reliant on Oil will get their money? Food & medecine?
People will survive on hope and positivity and imaginary paper money? Can't eat that.
Bailout everyone? Who bails every one out? Aliens?
WW3 will be brutal.
The butts of priviledged vegans, feminist planet saviors, climate change gender neutral, anti business, and other "let's save lives" clowns are going to hurt very very very strongly.
Probably literally in many cases.
Reality is going to hit so hard...
Saving lives is more important than profit.
Nigeria is classified as a mixed economy emerging market. It has reached lower middle income status according to the World Bank.
Nigeria made history in April 2006 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club.
They are slowed down by the west telling them to use clean energy to save the planet.
They have hard anti business laws, but things are - were - improving.
With the fall of oil prices during the 1980s oil glut Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans. Arrears and penalty interest accumulated on the unpaid principal, which increased the size of the debt.
Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP and 80% of Government earnings.
To this day, 22 people have died of the latest coronavirus mutation in Nigeria. The country has a population of 200 million.
Some other examples:
Algeria is classified as an upper middle income country by the World Bank.
Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter.
Venezuela... Ok this is too negative I won't even say a word on this.
Lybia which is already in big trouble has 50% of its gdp reliant on Oil. They used to be a rich country... (Norway is under 10% and the UK is close to 0% - below 1)
The USA used to have 0% of their GDP linked to Oil more or less, but of course it went up alot recently, in particular with Trump wanting to be independant, my sources say 8% of the US GDP is Oil reliant, 10 million jobs.
Lots of middle east & african countries are very reliant on Oil.
Slavery is back in Lybia, the fall of Iraq "bringing democracy" produced wide terrorism.
I wonder what happens when dozens of countries fall even harder than this?
If you think this is alarmism or perma bearishness, please explain where the 15 economies most reliant on Oil will get their money? Food & medecine?
People will survive on hope and positivity and imaginary paper money? Can't eat that.
Bailout everyone? Who bails every one out? Aliens?
WW3 will be brutal.
The butts of priviledged vegans, feminist planet saviors, climate change gender neutral, anti business, and other "let's save lives" clowns are going to hurt very very very strongly.
Probably literally in many cases.
Reality is going to hit so hard...
www.bloomberg.com/ne...arrels-remain-unsold
Brent bounced a bit above 20 (Russia breakeven price), Brent is the indicator for OPEC countries. Russia Saudi Arabia & OPEC have agreed to reduce their production (plus why wouldn't they) and now that they saw what happened to West Texas Intermediate they are more likely to take it seriously. Allthought Russia and Saudi Arabia can just store infinite barrels in the desert seriously.
The situation probably won't be absolutely dramatic end of the world, but won't be a walk in the park either, expect standards of living to drop, health to drop, security to drop, terrorism to go up ten fold, etc.