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originally posted by: infolurker
a reply to: Gazrok
5 pound bags of flour $1
2 pound bags of dried pinto beans $1
12 0z cans of Prem (Swift Premiums version of spam) $1
Go, Go, Go!
Economic Collapse is imminent
originally posted by: mikell
I Michigan the price of gas is finally beginning to drop below $2 . The market isn't a big issue for a few more thousand points anyway. If it gets below 7-8k then we'll definitely have a problem.
Back in November, the Baltic Dry Index dropped below 500 for the first time in recorded history, and it has kept falling ever since. On Wednesday morning it fell to a low of 369.
To put that into perspective, the index was as high as 1,222 in August, and it has fallen 84% from a recent peak of 2,330 in late 2013.
Not only might the Baltic Dry's crash be signalling another big global correction, it also highlights the dire straits the shipping industry is in.
China has driven the global shipping industry for the past couple of decades by importing huge amounts of raw materials to fuel growth. Now China's economy is cooling, and that's hitting the shipping industry hard.
A big report in The Daily Telegraph on Tuesday raised the issue of so-called zombie ships causing massive problems for the industry.
I'm not usually one to buy into doom and gloom
originally posted by: Gazrok
...but if you suffered in 2008, you may view it as such.