One of the small joys in the parade of horribles that is the global financial crisis, is the discovery of obscure bits of the international financial system that are obscure, boring, and utterly important to the well-being of the world economy.
One such thing is the Baltic Dry Index, a raw measure of how much shipping capacity costs. When there's a lot of shipping, the index is. When there isn't, the index collapses.
The sky-is-falling interpretation says the index is down more than 90% since last May. The glimmr-of hope interpretation is that the index is up a lot this year so far.
Hmm.
Thursday, February 19, 2009
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