Shipping Said to Have Ceased… Is the Worldwide Economy Grinding to a Halt?
https://www.youtube.com/watch?v=pqoFjvnVnlw
“Shipping Said to Have Ceased… Is the Worldwide Economy Grinding to a Halt?”
I think the big factor here is a drastic decline in Chinese capital spending (too many empty office and residential buildings, too much industrial capacity, the idled shipyards being a case in point). China will continue exporting goods to the world, to the extent that skyrocketing Chinese wages offset by a falling yuan are able to remain competitive with world labor rates. But the multi-decade commodities boom has now turned to bust - a big chunk of the extraction capacity readied for unending growth in commodity exports will now have to sit idle because it is unprofitable at current prices even if you write off the entire cost of exploration and setting up the mine.