Definitely selling at the next "pump" I'm 60k down in less than a month from holding through these swings (which are likely to continue until the war is over at least) shyts unbearable to think about
The war does have an effect but I was reading that China may have a bigger one. Shanghai on lockdown and who knows where else over there. That's their biggest city ranked by gdp. At supposedly 680 billion that puts them at 20 on the countries list. Tokyo, NYC, LA, Seoul, London, and Paris are only ones above it. So thats a big impact to the Chinese economy and world as well.
Why Shanghai's lockdown matters to the global economy - CNN
The Port of Shanghai is the world's busiest for container traffic. It moved 47 million 20-foot equivalent units of cargo in 2021, four times the volume handled by the Port of Los Angeles. The number made up 16.7% of China's total container shipments last year.
I remember when the LA port had all those damn ships waiting out at sea to dock, so can't imagine Shanghai thats much bigger.
Lot of car companies have factories out there. Tesla got their gigafactory there. Its got a lot of stuff going on, especially for world trade and manufacturing.
The war is important but I think has less of an effect on citizens of other countries like an economic shutdown. Not to downplay whats happened in Ukraine. But supplies being unable to be shipped thru out the world may be more damaging. Don't know what effect this may have at the end on China and the world economy. At 12T GDP they securely in 2nd place over Japan with 4T, plus have way more land and people. Interesting that Russia has more people than Japan but a third of their GDP. Goes to show that even with more land and people, being foolish on running a country can cause it to be further behind in the world. Not to mention all the sanctions that have likely done significant damage to Russian economy.
What the world needs to do is start relying less on China or have another country or two do more with manufacturing and stuff like that.
Top 10 Manufacturing Countries in the World | Global Upside
Top 10 Manufacturing Countries in the World
- China – 28.7% Global Manufacturing Output
- United States – 16.8% Global Manufacturing Output
- Japan – 7.5% Global Manufacturing Output
- Germany – 5.3% Global Manufacturing Output
- India – 3.1% Global Manufacturing Output
- South Korea – 3% Global Manufacturing Output
- Italy – 2.1% Global Manufacturing Output
- France – 1.9% Global Manufacturing Output
- United Kingdom – 1.8% Global Manufacturing Output
- Indonesia – 1.6% Global Manufacturing Output
That's insane. If more and more Chinese cities lockdown and they don't end the virus, we might be fukked even more.