This article first appeared online at TheNewAmerican.com on Thursday, May 7, 2015:
Two weeks ago the Shanghai Containerized Freight Index (SCFI), which tracks shipping rates from Shanghai to the world, fell off a cliff: down a breath-taking 67 percent from a year ago. Wolf Richter thought it was a statistical fluke.
It was no fluke. In the next two weeks the SCFI for Northern Europe fell another 14 percent, an all-time low. Wrote Richter: “Something big is going on in the China-Europe trade.”
The collapse is being echoed by other indexes reflecting the breathtaking decline in China’s exports. For example