they are all gone!, page-22

HJ - is that it?

Calvo, banks have been failing continuously in the UK and the US for 100 years. Some of the personnel get reinvented as Private Equity firms, most failed banks are absorbed by other banks who get the cheap distressed assets. The bank failure rate increases for sure, but the fraud within the banking sector shows it's easier to embezel the money and fold up operations, and it's not illegal.

Corporations (like BP used to be) are the next banking sector. Using company assets and +ve revenues to provide equity. Farmers are being indebted to banks (floods and draughts are not helping), industries have been deregulated (sugar, milk) and everything is being done to remove to cripple the farmer. Add to this Seloc and the fresh food folks are paying them pennies in the dollar for produce.

How can milk be cheaper than water? Madness!

On a lighter note, the BDI (Baltic) is a bit interesting - down over 66% in 12 months. My thinking is a squeeze on transport by buyers of commodities who are capping total costs to port. If you can't control the unit price of a commodity, at least try and squeeze the transport costs down perhaps.

Otherwise there could be an oversupply of shipping. HARPEX is another indicator of shipping which is looking toppy, but is still quite high suggesting a strong demand.