“JOBS. And that’s really the bottom line, isn’t it?” Well said, Mr. Munoz.
This worldwide economic tailspin began almost ten years ago, but the media and the elite 1% would have us believe otherwise. According to those leeches and our elected leaders we’ve been enjoying a bustling “recovery” for the last three or four years, but it has never occurred to gullible, dumbed-down Americans to utter that memorable challenge Jack Wilson hurled at Shane – “Prove it.”
Shane did, you’ll recall, but none of our leading lights would even try. They don’t have to. We’re buying their “recovery” garbage – hook, line and sinker.
Would you call this announcement by SchedNet last month a “recovery”?
“Hapag-Lloyd and MOL revise Europe-West Africa to fill Zim Vacuum” –
Zim, a once profitable Israeli shipping line, lost another $ 62 million this first quarter and is looking to avoid a bankruptcy by implementing a $ 3 billion restructuring plan. The announcement:
“Germany’s Hapag-Lloyd and Japan’s Mitsui OSK Lines (MOL) are to restructure their joint services on Europe-West Africa trade following Israel’s Zim departure from both services. The carriers will merge the weekly North Europe tp West Africa loop (WAX/ARN) with their fortnightly Med-West Africa loop (WMX/ARS) into a single weekly service, starting the end of June.
“The merged loop will reduce its capacity from 3,700 TEU a week to 2,500 TEU and add a UK call of London-Gateway, while Lome and Cotonou will no longer be served, said Alphaliner. The service will turn in six weeks using six ships of 2,500 of which five are already deployed on the carriers’ joint North Europe-West Africa service.” —
And just last week – on June 25th – e-Cargonews Asia issued this report: “Shipping Firm Nautilus Files for Bankruptcy – Nautilus Holdings, a Bermuda-chartered company that leases container ships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry.
“The company has about US $ 770 million in debt, according to papers filed with the US Bankruptcy Court in Manhattan, reported Reuters. International shipping rates have fallen in recent years as large new vessels entered service at the same time that a sluggish global economy was curbing trade.
Nautilus joins a list of shipping companies that have filed for bankruptcy in the United States in recent years , including Genco Shipping & Trading, Overseas Shipholding Group and Excel Marine Carriers.” —
A depressed shipping industry – a sluggish global economy – joblessness – bankruptcies. Get the connection? Does that spell “recovery”?