iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,227 Blog Posts

Stocks Look Bouncy — Aluminum Hammered on Russian Sanctions Relief Offer

Nasdaq futures are +30 and despite the recent volatility in the market — I am getting bored of the monotony. Up, down, up, and then down — with the same verve, but going, inexorably, nowhere.

The rhetoric is the same and the people spewing it are predictably lame. CNBC is more worthless than ever — posting nonsense like this on their site.

And I am completely bored with politics and don’t think I’ll ever talk about it again here. I might discuss geopolitical events — but the left v right stuff is fucking lame and you won’t get much of that from me anymore.

Early going, both gold and oil are lower — and Bitcoin cash is through the roof, +25%. I’ve been making some of my losses back in my SHITCOIN portfolio. I’ve completely forgotten about the thing, since the blow out. Last year this time, I vividly recall discussing Bitcoin at this derby party I visit every year and the price shot up from that point and never looked back. I suspect people think the price is heading up now because tax season is over — but that’s stupid and also jelly-brained dumb.

Aluminum is getting hammered this morning, off by 6%, due to US sanctions on Russia’s Rusal.

Oleg Deripaska is a Russian oligarch, President of Rusal.

This from Reuters today, stirring the pot in Siberia.

“The entire life of this city depends on Rusal,” said Evgeny Ivanov, until recently a foreman at the plant in Sayanogorsk, where pockmarked asphalt recalls the harsh winters endured by its 60,000 inhabitants, and icy blue mountains line the horizon.

“If something were to happen to the factory, in my opinion the town would die out. There would be nothing left for people to do here,” he said in one of the town’s few cafes, explaining that the private firm he now works at also depends on the plant.

“There are lots of people here who are unhappy with the government, and with Putin too. If the plant starts cutting staff, people will revolt,” he said, declining to be named for fear of losing his job.

“If people are fired, what will they do in this town? … They’re not going to sell sunflower seeds, are they?” a worker responsible for repairing smelting pots said.

Globalism is shitty, except for the fact that it interconnects nations and gives them an incentive to keep the peace. If we didn’t have strong trade relations with China or Mexico, I’m pretty sure we’d attack them by now. This row with Russia will likely be resolved by using economic leverage against them. The only reason why we have said leverage is because of globalism — which is both a peacemaker and scourge of our day.

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6 comments

  1. acehood

    You’ll talk politics because wtf else is there to talk about really.

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  2. stripper

    Wasn’t that the real point of globalization? World peace? It was never sold to us as such, but surely, we can see that now. Checklist: 1) intertwine economies 2) remove bad players 3) get Americans to give up their guns 4) emasculate the current regime (old white men #meetoo) 5) Put women in power 6) empower the UN, share in Kumbaya moment, divert military expenditures to the needy. Dam, seems like Trump is doing the opposite, gee.

    Bonus step: cull the herd (Opiates – fentanyl is coming through the mail from China, ya right).

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