Handbasket Report — Shipping News Update

I just posted some more info and links under my original Nov. 14th report on the shipping news. But this is getting too good, i.e. bad, to hide in a comment.

This is from “Shipping Continues Its Downward Plunge” :

Exposure to derivatives and CDSs are significantly larger than they were in the same period in 2007, when the system was in a better state and thus the system has started to fall off a precipice with no sign of the bottom in sight. Once fallen, there is no stopping it unless the toxic financial bundles are purged from the system. The lack of will to do this is accelerating the systemic failure. There is not enough money on the planet to cover the derivatives market pure and simple. The Shipping industry is just another cog in the economic machine. As the machine grinds to a halt, the cogs inevitably stop turning.

Notice how many people are beginning to use the word “cliff” in their descriptions of our economic situation?



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