Stranded at Sea by James Reed

South Korean shipper, Hanjin, has filed for bankruptcy protection. (Collapse, September 9, 2016) Hanjin handled around 8 per cent of the Trans-Pacific trade volume. As the company cannot pay its bills, most nations have not allowed its ships to dock. This means that billions of dollars of goods needed in manufacture will not be delivered unless a government bailout occurs. Whatever happens, there is likely to be a major disruption to globalism. Already freight rates are now reaching US $ 2,300 per container.

The incident shows the extreme vulnerability of the globalist experiment. Take out only a few building blocks, such as shipping, and the whole house of cards topples.



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Wednesday, 24 July 2024

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