Russian economy grows by 5.4% in the first quarter of 2024

X/Twitter ^ | May 19, 2024 | Kim Dotcom

[jerod]

Figures lie and liars figure.

[Reily]

Russia is an authoritarian state. It allows private property now. Functionally it’s economy & society is not unlike the old Czarist regimes. The old hereditary noble classes are now replaced by recent (Since the fall of the USSR!) kleptocratic class. This kleptocratic class will likely evolve into a hereditary class. They’ll probably not use the word noble to describe themselves, but they’ll be just as exclusionary and autocratic.

Definitely alive here particularly at the elite universities and pushed by Ratland also. Ratlanders know it’s the only way they can stay in power because their policies fail! Always!

[DUMBGRUNT]

—”Superyachts, Italian villas, Florida mansions, UK football teams, shopping malls, fancy cars, private jets, etc.”

Needs to be repeated, “shows how extraordinary the position of the Russian ultra-wealthy class really is.”

“...billionaire wealth compared to GDP in Russia was still higher as of March 10 than in the U.S., Canada and several European countries. Looking back at February 23, when billionaire wealth still stood at almost 21 percent of Russian GDP, shows how extraordinary the position of the Russian ultra-wealthy class really is.”
From 2022:
https://www.statista.com/chart/27025/billionaires-wealth-gdp-ratio/

Russia’s oil and gas industry accounted for 16 percent of the country’s gross domestic product (GDP) between April and June 2023.
https://www.statista.com/statistics/1322102/gdp-share-oil-gas-sector-russia/#:~:text=Russia‘s%20oil%20and%20gas%20industry,first%20three%20months%20of%202023.

[Reily]

And what you described is not much different then Old Russia 1900. Not a fan of Biden by any means but your statement isn’t even remotely true! My state is one of the states suing Biden & winning. Anything similar in Russian? As far as a Scot living in Russia and liking it, there were Westerns living in Russia in the old Imperial days liking it - e.g, all the foreigners brought in by Peter the Great such as Burce (a Scot!) & Cruys (Dutch). So, your comparison has no meaning!

And no, I am not a Ukrainian fanboy either!

[DoughtyOne]

China is in a bad economic situation. Any guesses why it sold? Think real hard.

Could it be that China needed an influx of cash to shore up?

Well... yes!

[Svartalfiar]

For the simple minded- if our debt ( government securities) has no buyers-
We go into default.

Huh? Default is when you can't repay your debt. If other countries try to dump the debt they do have and can't, they simply hold on to that debt. Hell, we might even be able to buy it at less than face value and save money!

What hurts us, is if no one buys discounted debt other countries are unloading, then no one's buying new debt we try to issue to pay Ukraine or illegals' hotel/steak/lobster bills. No wait, those still get paid, it'll just be VA and SS and national parks that get shorted!