Monday, Oct 20, 2008
"The crisis is now in full swing across the entire world,"
Ambrose telegraph via SOTT: Do our rulers know enough to avoid a 1930s replay?
The commodity and emerging market booms are breaking in unison, leaving no more bubbles left to burst. Almost every corner of the world is now being drawn into the vortex of debt deflation.
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 Odessa's 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.
Posted by malct @ 07:52 PM (355 views) Add Comment
4 Comments
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1. quiet guy said...
Hmm. Why not just look at the original Telegraph article as posted by goweresque earlier today? I wonder if SOTT have permission to reproduce the whole original?
2. stillthinking said...
I commented on this site way too much today so I must apologise.
However,... :)
debt deflation is the absurd state of affairs where any attempt to pay down asset based debt results in you owing more than you did before (the amount you gain from one sale is less than the mark downs on the rest). essentially it means you can't pay off the debts you can only work them off. but you can't work off these debts.
3. alan said...
Meanwhile governments from South Korea to France are busy re-capitalising their finance industries. How and when will this be unwound?
I don't think the government understands what's going on. Meanwhile, small businesses perish!
How is anyone going to have the confidence to think about buying a house (which for most folk is a 25 year committment)?
4. malct said...
1. quiet guy said...
Hmm. Why not just look at the original Telegraph article as posted by goweresque earlier today? I wonder if SOTT have permission to reproduce the whole original?
Monday, October 20, 2008 08:17PM
fair point quiet guy - I apologise for not taking the time to check. time is a serious problem.
I posted an earlier article by ambrose yesterday (via truthseeker) on the same subject and saw this on SOTT and thought wow he's locked in to this must feed it back to hpc. No offence intended gowerscue, sorry for the oversite, I would have commented on your thread had I known. Things are happening so fast.
SOTT btw have a link to a british TV channel which has something to do with Rupert Murdoch
http://www.edgemediatv.com/