Seventeen years of continually and recklessly stomping on credit creation to goose consumption has purchased massive mal-investment, over-capacity, excess supply and now a period of falling demand and rising bankruptcies. This is worldwide, and we have an army of financial prestidigitators to thank for the downsizing, mean reversion, losses and write downs that follow next.
Basil Karatzas, CEO of Karatzas Marine Advisors, on Hanjin Shipping Co.’s bankruptcy protection filing. Here is a direct video link.
;
