Over-supply is a harsh condition. Demand destruction is part of the self-correcting mechanism, but sometimes over-supply is so extreme, once-hot commodities become a burden to store and are literally sent to the scrap pile.
Given that most of the people in the world live in sub-par housing, this film footage is hard to watch:
The point is vividly made though. Remember all those commodities that the world was gobbling up a couple of years back? The best we can hope for is that the debris is now recycled and not just sent to the landfill. Sadly, given that bulldozers are the tool of choice here, I doubt recycling is a priority.
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Cory’s Chart Corner
Load MoreNot sure why this is so shocking to folks...the data is all around us. h/t @FroehlichThors1
Thorsten Froehlich @FroehlichThors1I mean - guys - this is real
since 1 April 2021, post COVID
(1) Savings rate dropped 90%
(2) Credit card balances up 28%
(3) # of credit cards up 62% (more credit cards / capita)_________________________
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