Driven by Corporate America and the most grotesquely overstimulated consumer spending ever.
“We need lower consumer demand to give supply chains time to catch up… recover efficiency… and break this vicious circle”: CEO of Maersk’s APM Terminals, one of the largest container port operators.
Some disruptions are “transitory,” but the spiral that the mix of ongoing over-stimulation has set off is anything but “transitory.”
Imports from OPEC reduced to irrelevancy.
“Turns out it’s a heck of a lot easier to create demand than it is to bring supply up to snuff”: Jerome Powell
Nothing Goes to Heck in a Straight line, not even the dollar’s hegemony.
The promise of high-value services exports to rationalize globalization turned out to be fake.
Imports of goods soared, while the already small services surplus plunged to nine-year low.
Biggest buyers: Mexico, South Korea, Japan, China, Spain, UK. Price spike in February, when Texas froze up, unwound. Asian LNG price spike in January is unwinding.
They’re not the same consumers.