World Trade Death Plunge--Shipping Rates At Zero

Ambrose Evans-Pritchard, International Business Editor at the London Telegraph has this staggering report about the freeze in world trade:

Freight rates for containers shipped from Asia to Europe have fallen to zero for the first time since records began, underscoring the dramatic collapse in trade since the world economy buckled in October...

Shipping journal Lloyd's List said brokers in Singapore are now waiving fees for containers travelling from South China, charging only for the minimal "bunker" costs. Container fees from North Asia have dropped $200, taking them below operating cost.

Industry sources said they have never seen rates fall so low. "This is a whole new ball game," said one trader.

Larry Kudlow over on CNBC keeps hunting for his "mustard seeds" of hope for the economy. These are more like the seeds of destruction.

Today's Growth Business--Unemployment Claims Processing

It's bad enough to lose your job. But then imagine that the state Unemployment Claims systems nationwide are overwhelmed and can't even process your application for benefits? That's the sorry story, as reported by AP:

Electronic unemployment filing systems have crashed in at least three states in recent days amid an unprecedented crush of thousands of newly jobless Americans seeking benefits, and other states were adjusting their systems to avoid being next.

About 4.5 million Americans are collecting jobless benefits, a 26-year high, so the Web sites and phone systems now commonly used to file for benefits are being tested like never before.

Even those that are holding up under the strain are in many cases leaving filers on the line for hours, or kissing them off with an "all circuits are busy" message. Agencies have been scrambling to hire hundreds more workers to handle the calls.