Marketplace All-in-One

When McDonald’s opened its Moscow location in the early ’90s, it signaled Russia’s transition to a market economy. But now corporations are pulling out over the war in Ukraine, and the Russian economy has been hollowed out by Western sanctions. Could the country be reverting to Soviet-era government interference? We’ll talk about it with the author of “Putinomics.” Later in the show: Why a federal gas tax holiday won’t ease much pain at the pump, and why ramping up U.S. oil production wouldn’t be an overnight fix either.

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The oil-producing cartel known as OPEC has been somewhat absent in the oil discussion as countries have imposed bans and sanctions on Russia over the former’s invasion of Ukraine. It makes the global oil picture a little murkier, but here to clear up some of it is Fernando Valle, senior energy analyst at Bloomberg. In terms of oil supply, help for the U.S. could come from a geopolitically surprising source: Venezuela. The BBC reports on the global food impact of the Russia-Ukraine war, as both produce a massive percentage of the world’s wheat.

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Congressional leaders have struck a deal on legislation that will fund the federal government this year, along with providing billions in aid to Ukraine. Both houses of Congress are expected to vote on it this week. After President Biden announced a ban on Russian oil imports Tuesday, crude prices shot up, and Russia is having problems finding buyers. A law that would bestow independent contractor status on ride-hailing service drivers in Washington state in under consideration.

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From the BBC World Service: More Western firms, including McDonald’s, are pulling out of Russia as Moscow brings in new restrictions to try and counteract sanctions previously imposed. Two U.S. executives have been released from Venezuelan custody as the Biden administration looks to improve U.S. relations with the country. Plus, we hear about the potential impact of Russia’s invasion of Ukraine on global food supplies.

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Cryptocurrencies are part of the world of decentralized finance, or DeFi. Part of the draw — and risks — of this ecosystem is just how unregulated it is. A new paper by law professor Hilary J. Allen suggests that some services and products within DeFi pose similar risks to “shadow banking” services, like subprime mortgages and credit default swaps, that set the stage for the 2008 financial crisis. Today, we’ll chat with Allen about her thoughts on why DeFi is the newest iteration of shadow banking.

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There are no winners in the war in Ukraine. Civilian casualties are mounting as Ukrainians resist Russian invaders. But on social media, things are playing out differently. Laura Edelson, a misinformation researcher and co-director of the Cybersecurity for Democracy project at NYU, says Ukraine is winning the information war. On today’s show, she makes us smart on why that is, where platforms have fallen short in protecting users and what regular folks can do to protect themselves instead. Plus: rising gas prices, eggcorns and a festive answer to the Make Me Smart question.

Here’s everything we talked about today:

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President Joe Biden announced a ban on Russian oil imports today, warning American consumers they’ll pay more at the pump. Historically, oil shocks have preceded recessions, but the pandemic may have equipped this economy to better withstand the price jumps. Later, we’ll examine why businesses are closing up shop in Russia and the country’s economic ties to China. Plus: How Americans can make sure their donations to Ukraine count.

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The U.S. will ban imports of Russian oil, according to the White House. Jeffery Cleveland discusses this news with us, and what it could mean for market activity going forward. From our BBC colleagues, we learn that the price of nickel, which is used in rechargeable batteries and stainless steel, spiked 250% in the past two days. That forced a shutdown of trading at the London Metal Exchange. We have a tale of entrepreneurship out of Maine, where a new avenue for Muslim fashion has emerged.

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Oil prices are at their highest point since 2008, with the national average of gas topping out at more than $4 per gallon. Historically, big spikes in oil prices have been the appetizer for a recession. We start in the 1970s for our look at the historic link between the two. President Biden will reportedly sign an executive order this week to direct federal agencies to figure out how to regulate cryptocurrencies. With Visa and MasterCard about to nullify operations in Russia, what are Russian banks and cardholders in and out of the country to do?

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From the BBC World Service: Following a 250% price surge over two days, trade was halted in nickel on the London Metal Exchange. We hear how the European Union plans to wean itself off Russian oil and gas. Plus the World Bank is making a package of emergency loans and grants available to Ukraine.

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