Thursday morning news drop
Russia Is Spiraling Toward a $150 Billion Default Nightmare What happens with bond payments due Wednesday could kickstart Russia’s first foreign-currency default since the 1917 revolution. (Bloomberg)
Powell Admires Paul Volcker. He May Have to Act Like Him. The Federal Reserve is facing the fastest inflation most Americans have ever seen. Its chair says policymakers will do what it takes to tame prices. (New York Times)
Predicting the Next Recession The Fed cannot ease pandemic related supply constraints (except by curbing demand), and the Fed cannot stop the war. So, there is a possibility that the Fed will tighten too much and that will lead to a “hard landing” (aka recession). (Calculated Risk)
Investors Haven’t Faced a Market Like This in Decades. Here’s How They’re Coping. Inflation and geopolitical risk are “back with a vengeance” just as volatility is spiking. (Institutional Investor)
How a wrinkle in the oil futures market has clogged America’s oil pump Big deal, you may say. Traders are speculating. That’s just what they do. But it’s not just traders who watch the futures market. Oil companies watch the market closely, too, as do the investors who invest in them, to determine whether it’s worthwhile putting money in the ground. (NPR)
Inside Chernobyl, 200 Exhausted Staff Toil Round the Clock at Russian Gunpoint Trapped since their shift 3 weeks ago, the Ukrainians keeping the abandoned nuclear plant safe from meltdown are ill-fed, stressed and desperate for relief (Wall Street Journal)'
The Weakness of the Despot An expert on Stalin discusses Putin, Russia, and the West. (New Yorker)
Was it inevitable? A short history of Russia’s war on Ukraine To understand the tragedy of this war, it is worth going back beyond the last few weeks and months, and even beyond Vladimir Putin (Guardian)
The Senate just voted to make daylight saving time permanent. Good. The case against changing clocks is less about extending sunsets later all year and more about staying consistent. (Vox)
Say Goodnight to the Bad Guy Trained during the twilight of the territorial era of wrestling, Scott Hall got his big break in WWF doing a glorified Scarface impression—then transformed the entire sport after he took his talents to WCW. Hard work pays off, dreams come true. Bad times don't last, but Bad Guys do. (Ringer)
Canada's inflation rate now at 30-year high of 5.7% Inflation hit a three-decade high In February as central banks It's the highest since August 1991 (CBC)
