Sunday, October 12, 2008

Credit Crises hits shipping

Grain piles up in ports

"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy." So far the problem is mostly being felt in U. S. and South American ports, but observers say it is only a matter of time before it hits Canada.

Posted by mountain goat @ 04:53 PM (974 views)
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13 thoughts on “Credit Crises hits shipping

  • Nasty scenario, plenty of money to buy but nothing in the shops. Could actually lead a return to use of local seasonal produce, or the back garden.

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  • mountain goat says:

    Banks won’t even lend to each other let alone to shipping companies. So how does food get shipped? Scary answer seems to be, it’s not being shipped.

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  • Christ. This is interesting. What is required is some sort of system tht can keep tab on the chips , but also ensure both people and goods still get about.

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  • IMHO We can go from current situation to conflict very quickly. Not sure we’re going to make November let alone Christmas before this financial crisis causes some disaster.

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  • Good to know that those sanctioned credit ratings agenices (who have shown such superb performance) are now the ones who choose whether grain moves or doesn’t.

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  • does this means greggs wont have enough flour………….

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  • mountain goat says:

    i better stockpile some carrots for my goat

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  • What we are seeing is the collapse of international banking.

    National retail banking can be rescued by nation states, but the only watchdog on the international scene – the IMF – does not have the hard cash to intervene on a meaningful level.

    All the world leaders will huff and puff and say something must be done, but none wants to put in much more than their country will get back, and some have political impediments to putting in anything at all – so the prospects for a successful global bailout do not look good.

    Watch for strains in the eurozone, where national interests will find themselves at odds with the collective interest.

    If Berlusconi says or does something to upset the Germans, all hell could let loose..

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  • planning4acrash says:

    I agree about the local produce thing. But remember, that we live under a socialist european union that uses our money to pay our farmers to leave 20% of land fallow, and pays them to put much of that land to biofuels that have proven to not even reduce carbon emissions, notwithstanding my opinion that global warming is fake. Plus the EU forces us to give away our fish stocks to French and Spanish fishermen without even a tax on them. And then, to make matters worse, we still produce excess food, so that, previously stored up in grain mountains and wine lakes, but is now dumped on developing countries, undercutting subsistence farmers who loose their markets, thus reducing productive capacities in countries experiencing periodic famine.

    So, unless we withdraw from the EU, or literally start a new squatting movement, where we literally claim back fallow land and plough it in community gangs, well, we have no hope, because the EU makes us completely interdependent on the global system. That is what is meant when the EU talks about us becoming interdependent. It is I fear, what those talking about the mayan calendar are promoting, possibly as a predictive programming exercise, because co-creation sounds suspiciously like interdependence and blatantly inconsistence with independence and personal liberties.

    But we all have our back yards, and, if everybody started planting them, we could win this thing. Add to that a bit of foraging.

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  • planning4acrash says:

    Remember that the American Government banned hemp production and used its sheriffs to push family farmers off fields during the Great Depression. Just as government led us here, they will also lead us to destitution within a crisis. Liberty is our only hope of freedom.

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  • p4c, withdrawing from the EU is not going to stop this country’s reliance on food imports. Sounds to me like the Canadian praries are a good place to emigrate to.

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  • i am off to raid the local bins for food….

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  • “If Berlusconi says or does something to upset the Germans, all hell could let loose..”

    Berlusconi’s not one for making off-the-cuff ill thought out remarks is he?

    D’oh.

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