Wednesday, September 07, 2016

Ghost Ships, Ghost Economy

We live in a world in debt bubble unprecedented in history with strange economic situations happening regularly.
Hanjin is one of the world's biggest shipping lines and filed for bankruptcy protection last week in Seoul. That's created a bizarre situation on the high seas for 85 Hanjin ships that have been effectively marooned offshore as ports in the U.S., Asia and Europe have turned the company's ships away. The worry is that Hanjin ships won't be able to pay port fees or their contents might be seized by creditors, which would disrupt port operations.
We don't hear much about "little problems" like this -- to listen to BO and the MSM, one would think that things globally are just going wonderfully. Perhaps.
Hanjin's woes show the container-shipping industry is in bad health, limping from one exigency to another since the 2008 global financial crisis brought trading to its knees.

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