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.
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