This article was first published by The McAlvany Intelligence Advisor on Friday, May 8, 2015:
Wolf Richter is one observer of the present world economic scene who hasn’t had his mind altered by drinking the Kool-Aid ladled out in Washington and in the economics departments of so many colleges and universities. After holding a number of C-level positions (CEO, COO, etc.) in large and successful private companies, he chucked it and went to live for a while in Switzerland. He started a blog with the ghastly name of Testosterone Pit, which he thankfully changed to Wolf Street last summer.
He has been watching economic events unfold (and unravel) in China for some time, but the latest from the Shanghai Containerized Freight Index (SCFI) so startled him two weeks ago that he thought it was either a misprint, or that the index would bounce right back from its precipitous fall.