Globalization – “biggest bubble of them all”
October 24th, 2008Global shipping has collapsed. From Bloomberg.com:
“The 90 percent tumble in the global benchmark for commodity shipping costs since May exceeded the Dow Jones Industrial Average’s plunge during the Great Depression, signaling globalization is “the biggest bubble of them all.”"
This chart is from Dry Ships Inc. Daily Market Report:
The freeze in money markets has crushed traders’ ability to buy cargo on credit.