It’s hard to see how much longer this can last without a significant effect on the global economy. Oddly enough, it’s #Bidenomics, inflation, and a uniformly shaky world financial situation that’s actually helped mitigate some of the effects of the Houthi militia’s fiery hijinks in the Bab al-Mandeb strait. We were already in kind of sorry shape, and our energy sector had helpfully risen to meet the demand created by curtailments thanks to Ukraine and OPEC, insulating us from oil price shocks. To a certain degree, we theoretically could roll with this for a little while longer before it becomes a critical situation for everyone concerned.
No one in their right mind wants it to continue.
…Over a recent 30-day period, 517 container ships steered clear of the Red Sea by going around the Cape of Good Hope, while 212 continued through the Suez Canal, said Jonathan Roach, who…
