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Not Great, Not Terrible: Russia Reopens Stock Market For Trading

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EMERGENCY CONFERENCE. WE'' LL BE FOLLOWING THAT AS WELL AS ADDITIONALLY THE STOCK EXCHANGE IN RUSSIA RISING AFTER IT PARTIALLY REOPENED FOR LIMITED TRADING TODAY. THIS AFTER CLOSING DOWN FOR NEARLY A MONTH. LONGEST CLOSURE SINCE LOSS OF THE SOVIET UNION. SIGNING UP WITH US NOUSW, FORMER TREASUR OFFICIAL STEVE RATTNER. STEVE, STROLL United States THROUGH THE MOST UP TO DATE IN RUSSIA'' S STOCK MARKET, THE OVERALL ECONOMIC SITUATION AND ALSO HOW IT'' S HANDLING THE SANCTIONS. >> > YES, MIKA. THE STOCK EXCHANGE DID REOPEN TODAY. IT DID REOPEN A LITTLE, BUT TO PUT THAT IN PERSPECTIVE, YOU CAN HAVE A LOOK AT THE GRAPH SHOWING YOU WHAT'' S TOOK PLACE IN THE STOCK EXCHANGE OVER A LONGER AMOUNT OF TIME. THE RUSSIAN SECURITIES MARKET INTERESTINGLY ACTUALLY TRACKED OUR STOCK EXCHANGE FOR A LONG TIME UNTIL THEY BEGAN DISCUSSING INTRUSION OF UKRAINE AS WELL AS IT ACTUALLY PLUNGED AND ALSO DOWN GREATER THAN 50% AT ITS WORST AND AFTER THAT THEY HALTED TRADING. TODAY IT'' S UP A, YOU CAN SEE THAT LITTLE TINY UPWARD THING. THE VERY SMALL QUANTITY IT'' S UP TODAY. EVEN SO, THE RUSSIANS TOOK PAINS TO TRY TO REDUCE THE DAMAGE.THEY OUTLAWED SHORT
SELLING. PROHIBITED FOREIGNERS FROM MARKETING. REPORTS THE RUSSIAN BANKS, STATE-CONTROLLED BANKS, ARE PURCHASING, THEREFORE IT'' S SORT OF A TIE FOR RUSSIA TODAY IN A FEELING OF HOW THEIR SECURITIES MARKET RESUMED. NOT FANTASTIC, BUT NOT TERRIBLE. BEHIND ALL OF THAT, THE ECONOMIC SITUATION REMAINS TO DEGRADE THEREFORE YOU TIN HAVE A LOOK AT WHAT'' S BEEN OCCURRING TO RISING COST OF LIVING AND ALSO GDP AND ALSO WHAT THE FINANCIAL INSTITUTIONS ARE FORECASTING IS LIKELY TO HAPPEN. LEFT WING YOU CAN SEE INFLATION WHICH IS ESTIMATED THIS YEAR TO BE A SENSATIONAL 15%. WE THINK OUR 8% IS OBVIOUSLY VERY, EXTREMELY UNFORTUNATE. THEIR 15% IS A HELL OF A GREAT DEAL WORSE. THEY'' VE BEEN HAVING WIDESPREAD SHORT
LACKS. PRICE OF SHEARING ROSE 14%. >>> > > > AND YOU CAN SEE THAT EVEN IN COE HAVE I HAD– COVID WHICH IS THE RED BAR TO THE LEFT, THE ECONOMIC SITUATION ONLY DECREASED BY ABOUT 2%.

SO THE CONCERN, THOUGH, IS HOW BAD AN RESULT IS THIS LIKELY TO HAVE ON RUSSIA, EVERY ONE OF THE ASSENTS THAT WE'' VE PUT ON, AND THE ANSWERS WE HAVE NOT PUT ON THE COMPLETE RANGE OF SANCTIONS THAT COULD BE PUT ON. AND ALSO THE REASON FOR THAT IS SIMPLY BECAUSE RUSSIA IS A SIGNIFICANT MERCHANT OF A WHOLE LOT OF MATTERS THAT THE WEST REQUIRES. OBVIOUSLY YOU'' VE HEARD A LOT ABOUT OIL AS WELL AS GAS. THAT IS THE BLUE-GREEN BAR, THE TURQUOISE PIE GRAPH TO YOUR LEFT, BUT THEY ALSO EXPORT A VARIETY OF COMMODITIES THAT ARE CENTRAL TO MATTERS THAT OBTAIN MADE OUTSIDE OF RUSSIA, AS AN EXAMPLE, THE GLOBE'' S LARGEST MERCHANT OF PALLADIUM, 40% ORIGINATES FROM RUSSIA.YOU MIGHT SAY WHAT IS SO IMPORTANT ABOUT PALLADIUM. IT ' S IN THE CATALYTIC CONVERTERS THAT ENTER INTO CARS THAT ALLOWS THEM TO SATISFY THE EMISSIONS DEMAND. WITHOUT THAT, YOU HAVE A TOUGH TIME MAKING CATALYTIC CONVERTERS AND AFTERWARDS VEHICLES. AND PLANT FOODS, WHEAT AND ALSO PLATINUM, VERY IMPORTANT PRODUCTS TO THE WEST IN WHICH THEY ARE MAJOR EXPORTERS, AS WELL AS SO WE HAVE NOT, WHAT'' S UNCOMMON REGARDING THE SANCTIONS THAT HAVE BEEN IMPOSED IS THEY'' RE NOT YOUR STANDARD SANCTIONS.WHEN WE IMPOSE ASSENTS, WE TYPICALLY RESTRICTION OR TRY TO RESTRICTION MUCH OTHERWISE ALL OF THE COUNTRY'' S EXPORTS. RIGHT HERE AS A RESULT OF THE LIKELY EFFECT ON THE WEST, WE HAVE NOT BEEN ABLE TO ACCOMPLISH EVERY ONE OF THAT. AND THE LAST FACTOR I'' D LAKE IS THAT ALSO ABSOLUTELY FULL SANCTIONS, AND ALSO WE HAVE PUT VERY VERY ROBUST ASSENTS ON RUSSIA'' S FINANCIAL SECTOR. WE HAVE TRIED TO STRANGLE THEIR FINANCIAL SECTOR, AS WELL AS I THINK A VERY GREAT AT THAT.BUT WE HAVE TO BE MINDFUL AS WELL AS SOMEWHAT SIMPLE CONCERNING THE BACKGROUND OF SANCTIONS. WE HAVE HAD ASSENTS ON NORTH KOREA GIVEN THAT 1950, SANCTIONS ON CUBA GIVEN THAT 1960. PERMISSIONS ON IRAN FOR ALMOST HALF A CENTURY, OVER 50 YEARS CURRENTLY, AND NONE OF THOSE HAVE OBVIOUSLY BROUGHT THOSE COUNTRIES TO RECOVER. THE DOCUMENT OF COUNTRIES HAVING THE ABILITY TO ENDURE EVEN THE TOUGHEST SANCTIONS IS NOT A COMPLETELY SUCCESSFUL ONE FROM THE PERSPECTIVES OF THE WEST AND PLACING ON THOSE PERMISSIONS AND SPECIFICALLY IN A SCENARIO LIKE THIS WHERE WE ARE NOT PUTTING SANCTIONS ON ALL OR PRESENTLY, REALLY, ANY ONE OF THEIR EXPORTS FOR THE REASONS THAT I DETAILED. SO WE NEED TO BE BOTH HAPPY AT WHAT WE HAVE ACHIEVED VIS-A-VIS THE EXISTING ASSENTS, THE RUSSIAN ECONOMY AS WELL AS THE STRAIGHT COAT WE ' VE PUT IT IN BUT I WOULDN ' T BE EXCESSIVELY POSITIVE ABOUT THE POSSIBILITY IT ' S GOING TO BRING RUSSIA SWIFTLY TO RECOVER. > > AND ALSO ALSO CERTAINLY CHINA >> AS WELL AS THE VARIOUS OTHER MAJOR ECONOMIC SITUATIONS BEYOND THE WEST STILL GOING TO TRADE WITH RUSSIA. I ' M CURIOUS, THE BIGGER CONCERN THAT HAS TO DO A LOT MORE WITH THE UNITED STATES THAN RUSSIA INVOLVES OUR DEPENDANCY ON COUNTRIES LIKE CHINA AND RUSSIA FOR CRITICAL NEEDS.I REMEMBER JEFF VENMELT ABOUT A YEARS AGO, AS A RESULT OF DISTURBANCE

ON THE WORLDWIDE STAGE, HE ANTICIPATED THAT ALL OF THE OFFSHORING WE ' D BE DECREASING IT AND DEVELOPING EVEN MORE THINGS IN THE UNITED STATES. WE'SAW A DEMAND FOR THAT DURING COVID. WE FOUND OURSELVES TIME AND TIME AGAIN DEPENDENT ON CHINA AND ALSO OTHER COUNTRIES FOR MEDICAL MATERIAL, FOR MASKS. EVEN FOR MEDICINE, FOR TABLETS. I ' M WONDERING, STEVE, IS THERE A GROWING FEELING OF A NEED TO QUIT DETERMINED BY THESE TOTALITARIAN COUNTRIES FOR IMPORTANT GOODS AND ALSO SERVICES THAT WE REQUIREMENT IN THE UNITED STATES. > > YEAH, SO THAT ' S AN IMPORTANT POINT. THERE ' S CERTAINLY IN THE>> WAKE OF WHAT WENT ON WITH CHINA AS WELL AS THE TRADE CONFLICTS WE ' VE HAD WITH CHIN OEMPVER THE LAST FEW YEARS, THERE HAS BEEN INCREASING SPEAK ABOUT DEDPLOEBLIZATION, GLOBALIZA REARRANGING SUPPLY LINES. IT ' S ALMOST A NATIONAL PROTECTION PROBLEM IF YOU CONSIDER IT THIS WAY, IN ORDER TO HAVE THE ABILITY TO HAVE IT HOUSE AND MAKE IT HOUSE, THE KINDS OF DETAILS THAT WE NEED. THERE ARE REALLY TWO CONCERNS WITH THAT SAID THAT WE NEED TO BE MINDFUL OF. ONE, THE FACTOR WHY THIS GLOBALIZATION TOOK PLACE WAS BECAUSE TRADE IN GENERAL IS An ADVANTAGE FOR ECONOMIES. IT LOWERS COSTS FOR CUSTOMERS, WHEN WE IMPORT LOWER PRICES GOODS FROM CHINA RATHER THAN MAKING IT AT HOME WITH HIGHER COST OF LABOR, AS WELL AS GREATER COSTS GENERALLY, WE ' RE INCREASING COSTS OF CONSUMERS. THE ALL-NATURAL DEVELOPMENT IS TO DISCOVER THE LOWEST SOURCE OF SUPPLY, AND IF YOU WEAR ' T, COST GO UP FOR CONSUMERS, WE NEED TO BEAR IN MIND THAT. THERE HAS BEEN SOME DRAWING BACK. ALSO LET ' S BE REALISTIC. WE IMPORT MASSIVE AMOUNTS OF THINGS FROM CHINA AND OTHER PLACES, DETAILS THAT MAY NOT BE CRITICAL ITEMS.90%OF OUR TOYS ORIGINATE FROM CHINA AND ALSO CHILD ON. THE SECOND POINT I WOULD MAKE ON THIS PROBLEM, THERE ARE PARTICULAR BASIC MATERIAL THAT WE REQUIREMENT THAT EITHER DON ' T

EXIST BELOW AT ALL, AS AN EXAMPLE, NEON GAS. YOU MIGHT THINK, NEON GAS. WHY DO WE RESPECT NEON GAS. 90% ORIGINATES FROM UKRAINE, AS WELL AS YOU NEED NEON GAS IN ORDER'TO MAKE SEMICONDUCTORS, AND ALSO THOSE ARE THE WELL-KNOWN CHIPS WE ' VE HEARD A LOT ABOUT OVER THE IN 2014 OR TWO. THERE ARE SOME DETAILS WE CANISTER CHANGE AT EXCELLENT EXPENSE OR SIGNIFICANT COST.THERE ARE OTHER THINGS WE ' RE NOT GOING TO BE ABLE TO'REPLACE VERY QUICKLY WHATSOEVER. IT IS An ISSUE GOING AHEAD. THE LESSON FOUND OUT FROM THIS EXPERIENCE IS THAT WE ARE AS A GLOBE VERY– RATHER DEPENDING ON TOTALITARIAN COMPANIES WHEREFORE WE DEMAND. > > ALL RIGHT. STEVE RATTNER, THANKS SIGNIFICANTLY. > > > STILL AHEAD, WE HAVE A LOT TO COVER WITH THE SITUATION IN UKRAINE, AND ALSO THE EMERGENCY SITUATION TOP, NATO SUMMIT, HIGHLIGHTS, THOUGH, FROM ANOTHER PERSON MARATHON SESSION IN FRONT OF SENATORS FOR.

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