Do our rulers know enough to avoid a 1930s replay?
20/10/2008 § Leave a comment
The freight rates for Capesize vessels used to ship grains, coal, and iron ore have fallen 95pc to $11,600 since May, hence the bankruptcy of Odessas Industrial Carriers last week with a fleet of 52 vessels. Cargo deliveries dropped 15.2pc at the US Port of Long Beach last month, but that is a lagging indicator.
From what I have been able to find out, shipping is slowing as fast as it did in the grim months of late 1931.
The crisis is now in full swing across the entire world, said Giulio Tremonti, Italys finance minister. It is hitting the real economy, the productive forces of industry. Its global, its total, and its everywhere, he said.
GET OUT WHILE YOU STILL CAN!!