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This could screw Russia. They have lost a hell of a lot of revenue already on this. I do wonder if that is the point.
by elektromekatron 11y ago
This could screw Russia. They have lost a hell of a lot of revenue already on this. I do wonder if that is the point.
- lingben 11y agoNot just Russia but every single nation that has a major part of their economy in oil production: Venezuela, Iran, Saudi Arabia, Norway, Canada, etc. Although to be fair, Northern Europeans manage their oil extremely well. Their 'rainy day' fund is now in the trillions. http://graphics.wsj.com/oil-producers-break-even-prices/ http://graphics.wsj.com/oil-producers-break-even-prices/
- crdoconnor 11y agoThere's going to be carnage in the financial markets when the oil producing nations' start selling off their assets in order to pay for necessities. Saudi has already started issuing bonds. Once they start selling off their trillion dollar sovereign wealth fund the ripple effect will be felt on asset prices all around the world. It has the potential to cause a self-reinforcing feedback loop as well.
- danieltillett 11y agoThe interesting one is going to be Venezuela. They can’t be far off financial collapse.