{"id":60233,"date":"2021-11-02T08:32:49","date_gmt":"2021-11-02T13:32:49","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60233"},"modified":"2021-11-02T08:32:49","modified_gmt":"2021-11-02T13:32:49","slug":"no-trucking-way","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60233","title":{"rendered":"No Trucking Way"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/markets\/no-trucking-way\">No Trucking Way<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p>The financial economy and real economy used to live with each other happily: now they are in a long-distance relationship reliant on logistics to keep in touch. What happens when those logistics break down? (<em><strong>Very bad things<\/strong><\/em>,\u00a0<a href=\"https:\/\/pub.raboresearch.rabobank.com\/public\/r\/A5i93H9Hnu9L0nDc1TMNmQ\/gm9c5Mlb9J6a5F3Xl8DuJg\/Efcru+1v_cg8rq2UTLNb6w\">as I was discussing here the other day<\/a>.)<\/p>\n<p>We have covered the ocean-carrier side of this crisis (\u2018<a href=\"https:\/\/pub.raboresearch.rabobank.com\/public\/r\/oI+hnj29__r6Vv9GqxPicQ\/gm9c5Mlb9J6a5F3Xl8DuJg\/Efcru+1v_cg8rq2UTLNb6w\">In Deep Ship<\/a>\u2019), and the new fee equivalent to $1m a day, and\u00a0<em>rising\u00a0<\/em>$1m each following day, for a 10,000 TEU vessel whose cargo is stuck in LA\/LB port. However, we stressed in that report that the supply chain issue is more systematic. So, allow me to share quotes from an\u00a0<a href=\"https:\/\/pub.raboresearch.rabobank.com\/public\/r\/an0HqMfuXU+Jb75z4ozUhQ\/gm9c5Mlb9J6a5F3Xl8DuJg\/Efcru+1v_cg8rq2UTLNb6w\">article<\/a>\u00a0exposing<strong> there is \u2018No Trucking Way\u2019 we are about to return to normal:<\/strong><\/p>\n<div class=\"Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_placement__1I4yb Advert_align__N0_fw\">\n<aside id=\"in-content-video\" class=\"Advert_verticallySpaced__wnPy3\" data-google-query-id=\"CIiRmcLg-fMCFcTEhwod6KIPng\">\n<div class=\"ac-widget-placeholder ac-reset\" data-loaded-pid=\"zerohedgecom\" data-loaded-wid=\"0011r00002RYAhn_1419\">\n<div id=\"ac-lre-player-ph-ext-FxXok81ZfvAGkTEq2LczKtMOqWTohZyw\" class=\"ac-lre-player-ph-ext ac-lre-ph-playlist-hide-scroll-bar ac-lre-carousel-horizontal ac-lre-carousel-legacy\">\n<div id=\"ac-lre-player-ph-FxXok81ZfvAGkTEq2LczKtMOqWTohZyw\" class=\"ac-lre-player-ph ac-lre-desktop\">\n<div class=\"ac-lre-wrapper luminous-theme is-floated-outer-title\">\n<div class=\"ac-lre-playlist-horizontal\">\n<div id=\"ac-lre-ph-playlist-horizontal\" class=\"ac-lre-playlist-text\">\n<div class=\"ac-lre-playlist-rail\">\n<div class=\"ac-lre-playlist-slide ac-lre-current-playing\" data-index=\"5\" data-mediaid=\"ifmei6l2orehunchivbwyrztgj5hozrt\" data-is-click=\"true\" data-title=\"Investors Have Given Up on a V-Shaped Recovery, BNY's Young Cautions\">\n<div class=\"ac-lre-playlist-slide-title\" title=\"Investors Have Given Up on a V-Shaped Recovery, BNY's Young Cautions\">Investors Have Given Up on a V-Shaped Recovery, BNY&#8217;s Young Cautions<\/div>\n<div class=\"ac-lre-playlist-slide-current\">NOW PLAYING<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"ac-lre-btn-playlist-horizontal-prev\" class=\"ac-lre-btn-nav\" data-navigate=\"prev\">\n<blockquote>\n<div><em>\u201cThink of going to the port as going to WalMart on Black Friday, but imagine only ONE cashier for thousands of customers\u2026Most port drivers are \u2018independent contractors\u2019, leased onto a carrier who is paying them by the load. <strong>Whether their load takes two hours, fourteen hours, or three days to complete, they get paid the same, and they have to pay 90% of their truck operating expenses<\/strong>\u2026I honestly don\u2019t understand how many of them can even afford to show up for work\u2026In some cases they work 70 hour weeks and still end up owing money to their carrier.<\/em><\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<blockquote><p><em>So when the coastal ports started getting clogged up last spring due to the impacts of COVID on business everywhere, drivers started refusing to show up. Congestion got so bad that instead of being able to do three loads a day, they could only do one. They took a 2\/3 pay cut and most of these drivers were working 12 hours a day or more\u2026<\/em><\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>No Trucking Way The financial economy and real economy used to live with each other happily: now they are in a long-distance relationship reliant on logistics to keep in touch. What happens when those logistics break down? (Very bad things,\u00a0as I was discussing here the other day.) We have covered the ocean-carrier side of this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[141,23841,24135,24136,31091,3237,10303],"class_list":["post-60233","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-climate-change","tag-logistics","tag-michael-every","tag-rabobank","tag-supply-chain-disruptions","tag-supply-chains","tag-trucking"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60233"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60233\/revisions"}],"predecessor-version":[{"id":60234,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60233\/revisions\/60234"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}