quotingThe port strike started last night. I am an importer, but everyone needs to be paying attention to this.
note1rkc…r3k2
1-2 days is not so bad. It will create a backlog but it would be cleared in a couple of weeks.
1-2 weeks and we will see backlogs taking months to clear meaning perishables on the water now will spoil and retail goods won’t arrive in time for the holidays.
Truck rates will fall for east coast and gulf lanes because no freight is moving. West coast freight rates will increase as freight starts moving overland at increasing cost.
Inventories start to dwindle as fast as next week and prices will start to rise. We will find out soon what is in short supply.
As a Bitcoiner I know that the inflation Longshoremen are asking for relief from is real but it is not caused by greedy port operators. It’s is the direct result of government spending. Ironically their strike will make inflation worse and reduce any impact of a wage increase they negotiate.
Aside from wage increases, their other demand is no future automation of ports with AI and robotics. This Luddite demand is a dead giveaway that no one at the table understands economics. Automation will paradoxically lead to more wealth and opportunity. Not automating will cause the US to fall behind the world in competitive markets. It also results in higher pressure on our infrastructure which cost is transferred to tax payers (thereby leading to more inflation).
I want what is best for this country and that is a resolution to this strike asap. As a Bitcoiner I know this will create a flood of liquidity that will benefit my largest holding.
Stock up on what you need and put the rest in Bitcoin.
Fiat Revelation on Nostr: Awesome inputs here. ...
Awesome inputs here.