The word I want to start flying around is "collapse" because that is what it feels like we are heading towards.
Our oligarch class sold us out at every opportunity and they may have finally drained the last drop of blood.
Fear sells news and ads. You're the sucker buying it.
I have never seen anything like that.
Edit: Okay from the summary it says...
"Russia accounts for about 10% of the global nickel supply, mainly for use in stainless steel and electric vehicle batteries. Nickel was already rallying before Russia’s invasion of Ukraine as robust demand from the stainless steel and battery industry drained inventories, which now stand at 76,830 tonnes in LME-registered warehouses, their lowest since 2019."
Still surprises me that the increase is so much higher than other metals.
It paused? lol https://tradingeconomics.com/commodity/nickel
And my bet is that during pandemic, government money printing, housing and stocks rising, this graph becomes 2 times more dramatic.
It is already very painful for large share of population, but they have no idea what to do with this.
Which isn't to say it's more painful to the wealthy, as they have the excess assets to buffer, but is to say that millionaires and billionaires don't have a magic "avoid recession impact" button.
That's if decrease is equal and linear for all verticals, which I don't believe is the case.
> billionaires don't have a magic "avoid recession impact" button.
They have many buttons: lots of intelligence which allows them to relocate assets before average folks, political lobbying which allows them to bailout troubled businesses in expense of national debt.
I honestly have no idea what the ripple effects of this war and recession will be.
1. Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens(2014) https://www.cambridge.org/core/journals/perspectives-on-poli...
Perhaps it's less the "oligarch class selling out" but rather "the great debt game that created so much prosperity has reached it's final stages".