Economic Update: Global Trade Has Collapsed: “Nothing Short Of A Bloodbath”

"While it may appear, based on 'official' government statistics, that the jobs market is improving and economic growth continues full steam ahead, the evidence suggests otherwise. In addition to the myriad of problems poised to drive financial markets into crash territory, it is now clear that the global economy is coming to a standstill. Nowhere is this more apparent than in global shipping trade where prices to move goods from one country to another have collapsed quite significantly in just the last three weeks. And we’re not talking about a few percentage points here, but rather, a full on 60% drop, which by any standard would qualify as a meltdown, or in Wall Street terms, a total bloodbath."