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December 17, 2023
Oil Water

Oil and Water

Rabobank Global Strategist Michael Every began a Tuesday note aptly named "Oil and Water" by acknowledging the value of "oil and water (routes)" in an inflationary, multipolar world: "Especially as Yemen’s Houthis have attacked ships carrying cargo via the Red Sea or Arabian Gulf. Welcome to how the world used to work before British, then US, naval supremacy. This is what a multipolar world is going to look like..."

Michael Every laments that it’s only reactive to attacks on shipping, not proactive at the source: "That maintains the risk for more shipping to divert from Suez round the Cape of Good Hope: if so, global carriers would only be able to make 3-4 Asia-Europe roundtrips per year, not 4-5, a massive structural drop in supply capacity. The Financial Times warns , including the drought in Panama cutting passages there and geopolitical risk threatening the Suez."

The Rabobank report appropriately followed an article out of the FT titled ‘Global pre-Christmas trade at risk from twin canal crises’, which warned of a synergistic supply shock from both the Panama drought and, of course, ongoing geopolitical risks near the Suez.

The FT notes that "Switching routes from Panama to Suez adds five days to journeys between New York and Shanghai... If more shipowners avoid the Suez Canal and take the long route around Africa’s Cape of Good Hope for journeys between the same cities, this could add an additional six days to their journey."

At least 167 ships crossed the canal during the first week of December this year, compared with 238 last year. Authorities have for the first time reduced the number of crossings, which by February will be limited to only 18 ships a day.

Multiple shipowners have already applied surcharges of hundreds of dollars per container for exporters sending goods through Panama, as the cost of using the canal increased by up to millions of dollars per ship passage. Hapag-Lloyd announced an upcoming “war risk surcharge” of up to $80 for all shipments to and from Israel.

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SAMSON OPTION
00:01:08
Drones

The world’s fastest drone, the XLR V3, just went from 0 to 124 mph (200 km/h) in 1 second, faster than a Formula 1 car off the line.

Designed by Swiss engineers, the XLR V3 is a high performance FPV (First Person View) racing drone built with ultra light carbon fiber, high torque brushless motors, and cutting edge aerodynamics. It’s not just fast, it’s rewriting what’s possible in drone engineering.

This drone accelerates faster than:
✔️ An F1 car
✔️ A Tesla Plaid
✔️ Even a fighter jet on launch

Imagine what they're not showing us...

00:00:07
Strike

⚡️A Russian drone strike hit the car of Chief Rabbi Yosef Yitzchak Wolf in Kherson, head of the United Jewish Community of Ukraine’s local chapter.

Yosef is well known for assisting SBU and Nationalists in tracking down pro Russian Ukrainians who supported Russian forces during the liberation and uses his synagogue, as a shield, to help assemble FPVs for Ukrainian forces.

00:00:21
Crisis Report Mini

1. Geopolitical & Military Tensions
Thailand–Cambodia conflict: Martial law has been declared, over 138,000 people have fled, and both sides have exchanged fire. Terrain challenges and border disputes intensify risks of prolonged conflict.
Middle East flashpoints: The Gaza conflict escalates as Israel prepares for a major offensive and new ceasefire efforts stall. Suwayda, Syria, sees Druze self-administration declared.
Russia–Ukraine talks: Zelensky confirms negotiations, but a Putin-Zelensky meeting is still seen as unlikely by the Kremlin.
ISIS strike: U.S. CENTCOM killed a senior ISIS leader and his sons in Syria.
2. Western Politics, Immigration, and Populism
UK Islamophobia sentiment: A new survey shows over 50% of Britons view Islam as incompatible with British values, potentially fueling anti-immigration politics.
Jeremy Corbyn’s new party: Gathers 200,000 members; promotes anti-austerity, pro-immigrant policies in contrast to rising nationalist sentiment.
Anti-migration protests: Spread ...

Hmmmm
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Family

🇨🇦 Stefan Molyneux on X: Almost every government policy in the West is designed to prevent family formation for the native population.

📝 Roger Marques: "Could not agree more.
Housing is expensive.
Families taxed to the bone.
Prices are so high that both elements of the couple must work.
Women are incentivized to not care about having children in their prime.
Public schooling literally retards children.
The culture is profoundly anti-children.

What else?"

https://x.com/StefanMolyneux/status/1948245983722082430

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