> The funny thing is Russia’s economy shouldn’t be larger than Germany’s in real terms, since most of Russia’s output is base commodities, which have the lowest value-added component of any good in a market. The whole point of a sophisticated division of labor and economic system is to build up value through each stage in the production chain.

> Cars, for example, should have more ‘value’ associated with them than the iron ore that went into making the frame.

> This tells you how out of whack the world is in terms of the diversion of capital to unsustainable activity it actually is if a commodity producer is leading a manufacturing giant in wealth generation. This is exactly why the currency shift from debt-based to commodity-based money is going to be so painful.

https://tomluongo.me/2022/05/19/from-currency-resets-to-limiting-infinite-growth/

@skells https://www.youtube.com/watch?v=s6zAAhiK0QY lol tis dde says its likel warsaw gets atacked b the russians

@11112011 here for the quips and Austrian economics, the guys no general

@skells lol he says its likely capital flows to america bc russia can atack warsaw therefore europe is fucked

@11112011 mate Europe is fucked for at least 2 years unless we can get Russian gas flowing again, what planet are you on

@skells humm like gas cut to finland but cant do shit to prevent finland from buying it from estonia kinda fucked'?

@11112011 @skells So Estonia gets to set Finnish policy. By an extension if Estonia wants to continue receiving Russian gas, it was observe Russian policy. Therefore, Russia sets Finnish policy anyways.

@kakkerel @skells cept for the fact finland needs of russian gas are irrelevant

@11112011 @kakkerel I suspect the Finns aren't importing and paying for Russian gas just for a laugh

@skells @kakkerel well u could have gone but if they buying from estonia how is that beeig settled, but i guess u not tat smart

@11112011 @kakkerel is this a hot take or a fart