2 chapters across the catalog
Shipping rates from Asia to Europe have reportedly hit zero as trade activity collapses. Data from the ports of Long Beach and Los Angeles show an 18% decline in traffic, signaling a complete collapse in foreign demand. The difficulty in obtaining letters of credit is cited as a major factor in the manufacturing slowdown.
John C. Dvorak explains how the freezing of "letters of credit" is disrupting international trade, leading to oversupplies of coffee and food shortages in Iceland. He predicts these logistical failures will be a "big equalizer" for society. The hosts sarcastically suggest everything will improve once Obama is elected.
