What the hell is the BDI? I'd never heard of it before. Could it be that important? (very possibly knowing me) It's the Baltic Dry Index. And it's dropped 93%. What is it? It's an index of the dry raw materials that are being shipped around the world. It's like 'futures' for shipping (I think). Here's wikipedia's version of what it is.
It hangs around 1000 most of the time. Over the last few years it has run up to around 12,000. In the last three months it's dropped like a rock. I called a friend of my who's into financial stuff (he gets the Wall Street Journal delivered to his house). I asked him if he had ever heard of it. Sure he says, they talk about it every once in a while in the journal. He then proceeds to tell me all the stuff I had just found out, off the top of his head.
So I told him about the video I had just watched about how the world was going to end and he said, "whatever".
So you get to make up your own mind. Should we start stocking up on food? Go stock up on ammo for our guns? (I guess I'll have to get one first) Will there be panic in the streets!!!! OMG!! Video proof. I love a good conspiracy theory.
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I didn't look at the video yet, but I'm thinking I must not be contributing to the BDI because chaplaincy is not a manufacturing job. Chaplaincy could be something else more techy and environmentally-correct sounding if it were defined as a "regeneration or recycling of souls." I just think I talk for a living and get paid for it! Then maybe I contribute to the BDI by creating a microminiscule amount to the demand for material goods created in the economy by being a consumer. Are you saying I'm "not even close!" to getting what BDI is? OK. But I made a good stab at it.
Well, the guy in the video is over-generalizing. Most food in the US is produced domestically... it doesn't ride over ships, so it won't be impacted directly. Most food is grown with fertilizers produced in North America. Most fertilizers are produced domestically, with energy from natural gas. Most natural gas is produced domestically.
So, you ask, what is sent over by ships?
Iron and other metals, some coal, lots of retail goods, cars, oil, US grain exports, yadda yadda.
In other words, if you're wondering what we might have a shortage of, the answer is raw materials for capital expenditures, as well as cheap junk from China for Walmart.
As long as US construction and capital expenditure is in a slump, and retail demand is sinking, you won't see any shortages. If Obama follows through on his promises to jumpstart infrastructure spending, we might see a few minor problems.
But there won't be rioting in the streets... at least in America.
Mike, Firstly I want to say a huge Thank you for yesterdays post which you so generously dedicated to my whereabouts!
Moving on ( not too far, I still have to get the wee x's on my shoes) Now you give me something else to worry about? BDI, who knew?
I'd never heard of it until, oh, 3 minutes ago!
AND you know my "ship" issues!
HOHOHO...
Anonymous - Your raining on my survivalist parade. I was heading out to buy guns and ammo.
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