It’s a Global Energy Crisis Flashback
Just like we’re experiencing inflation at rates last seen in the 1970s, it appears that the world is experiencing a global energy crisis as well. This Reuters column reports that natural gas futures are up 140 percent in the U.S., more than 500 percent in Europe and 600 percent in parts of Asia. If only president Biden hadn’t tried to shut down the oil and gas industry here in the U.S. we’d probably have more jobs and lower prices for coal, natural gas, oil, and all their derivative products.
Container Ship Backlog Sets New Record
If you thought the number of container ships waiting to off load in California was bad, wait until yo see the number of ships in China waiting to be loaded. According to freightwaves.com, more than 150 ships were waiting to load as of last Friday. That points to multiple points of failure in the supply chain.
The Supply Chain is Buckling Globally
Rabobank, courtesy of ZeroHedge, has done a better job than I in connecting the dots and confirming that the supply chain is collapsing, our leaders are going bonkers, and the result will be no fun for anyone.