Dead in the Water

Local newspapers and TV stations in the U.S. continue to keep us up to date on our economic “recovery”. They skip some of the minor details every now and then, however. Like for instance:

– The Journal of Commerce report of August 8th that, “Matson Profit Plunges 75 Percent … Higher fuel costs and weak trans-Pacific results caused Matson Navigation’s second quarter operating profit to fall to $ 9.4 million from $ 37 million a year ago.”

– The Journal of Commerce report of August 11th that, “Hapag-Lloyd Profit Plunges 87 Percent … Hapag-Lloyd’s second quarter profit tumbled to $ 37 million from $ 294 million in the second quarter of 2010.”

– The Journal of Commerce report of August 12th that “NOL Loses $ 57 million, Warns of Loss for 2011 … Neptune orient Lines reported a $ 57 million loss on Friday as its APL liner shipping operation’s pricing fell 9 percent in the second quarter, and the shipping giant said it will post a loss for the full year if tough rate and capacity conditions don’t improve.”

– The Journal of Commerce report of August 12th that “Hanjin Container Unit Loses $ 159 Million … The South Korean company’s report parallels losses seen by a growing array of carriers. Hanjin’s loss reversed an operating profit of $ 136 million in the second quarter of 2010.”

Instead of the “recovery” spinnage that’s being fed to us, our leaders – and their controlled media – should be advising us that the operating losses of the very carriers that provide for the demands of U.S. shoppers are a dead giveaway that the U.S. economy is continuing its downward spiral. With even more terrible times ahead of us we should be pulling in our belts, battening down the hatches, and doing all we can to survive the coming catastrophe.

On August 12th, FOX NEWS out of Las Vegas reported something not yet picked up by our major newspapers. “The U.S. Postal Service said it has to cut staff in order to keep delivering and is requesting Congress approve 120,000 layoffs,” the story began. “The Agency has already proposed shutting down 37,000 offices nationwide … but layoffs may also be necessary, to help alleviate some of the agency’s $ 8 billion debt.” –

120,000 layoffs in the Post Office? Evidence of an economic “recovery”. Right? Wrong. Instead of pulling in our belts because we’re broke, we’re throwing money away stupidly. Like, for instance:

– $ 504 million to modify the unfinished and unnecessary $ 13 billion CVN 78,
– $ 110 million to modify two unfinished and unnecessary $ 4 billion Zumwalt destroyers,
– …and we just sunk another Spruance-class destroyer instead of selling it for scrap.

This whole country, from top to bottom, behaves like a bunch of drunken sailors.