A timely reminder that everything you change in the economy changes atleast two other things.
@ssik94603 жыл бұрын
Unless it’s communism, then you can just “pacify” the other problems
@ivebeenfound15753 жыл бұрын
Why does it say 20h ago when it just got uploaded a few minutes ago
@fdr83433 жыл бұрын
Get rid of the 22nd amendment. I will stop the destruction of such ships! The ocean is beautiful, but our economy might as well be at sea level
@atirix94593 жыл бұрын
Sounds like a cucked version of Newton's 3rd.
@pimme0433 жыл бұрын
You make very good videos
@Quickonomics3 жыл бұрын
Imagine being one of those poor guys who have to drive their ship to the scrapyard and make their way back home on foot...
@EconomicsExplained3 жыл бұрын
hahah I legittimately wondered what happens to these guys. Those breaking yards are less than ideal places to be walking through. If someone knows how the crew gets off these ships afterwards please let us know.
@sownheard3 жыл бұрын
XD
@dongster5293 жыл бұрын
@@EconomicsExplained Obviously they swim back. What a foolish question. :)
@saasda62553 жыл бұрын
@@EconomicsExplained probably get flew back by the company
@emperorpalpatine49953 жыл бұрын
@@saasda6255 by the owner’s private jet
@billandpech3 жыл бұрын
SUMMARY: Ships are not making much money during the pandemic while the price of iron skyrocketed due to China's infrastructure building during the pandemic. You're welcome!
@kailie17703 жыл бұрын
It
@kailie17703 жыл бұрын
.
@christianlee72443 жыл бұрын
thanks bro, you saved me 13 minutes.
@navegantezen59833 жыл бұрын
Thank you!! It was so much blah blah blah.
@redneck42000003 жыл бұрын
Nailed it!
@jqad39843 жыл бұрын
"China is building so much infrastructure that the price of iron has rose over 300%" flashback from Victoria II
@jonikasemi3 жыл бұрын
God forbid China westernises. In-game economy be going kaboom.
@johannmuller37113 жыл бұрын
China is buying all iron scrap in the word to prepare for worldwar nr 3
@deshraj6693 жыл бұрын
@@johannmuller3711 nope, China is smart they know they cannot come even close to Us in military power so they are using economy and technology to defeat them and it's working good for them. China's main goal is to secure only South China Sea that's why they are increasing there naval power. They'll use 'one belt one road initiative' to assert dominance. That's why they are investing trillions on this project.
@supremebohnenstange41023 жыл бұрын
@@deshraj669 Africa is under heavy Chinese influence already aswell
@urcheese90743 жыл бұрын
That is why you always bully china into explosion
@hyperscore68103 жыл бұрын
This must of been the first EE Video that didn’t mention Norway
@EconomicsExplained3 жыл бұрын
ahh I will have to do better next time
@vodkabullet40663 жыл бұрын
@@EconomicsExplained I live in norway
3 жыл бұрын
Don't worry, when an EE video does not mention Norway, there's always a comment that does. Thank you for your service by the way.
@robbiehorninlow15203 жыл бұрын
Well I’m not watching it now, thanks for the warning
@benjaminanderson20283 жыл бұрын
@@robbiehorninlow1520 😱
@gaz30973 жыл бұрын
Han solo: chewy, where's the millennium falcon? Chewbacca: GGGRRRRRRRRRRRR (in Turkey being scrapped)
@nickmattio33973 жыл бұрын
“But Chewy She Did The Kessel Run In 12 Parsecs!!!”
@magamike18003 жыл бұрын
@@408Magenta time to scrap star wars. woke trash.
@tarstarkusz3 жыл бұрын
The name of this channel should be "economics confused and wrong" He has obviously never heard of the concept of malinvestment and the term "market distortion" The fact that China is malinvesting so much resources that it has distorted the steel market to the point that ships are worth more in scrap value than to keep them, even with a downturn is not "good policy" or "big brained"
@theotherside9313 жыл бұрын
*Bangladesh actually.*
@gaz30973 жыл бұрын
@@theotherside931 ain't no Bangladesh in my story.
@jakebrod73 жыл бұрын
“Out of fear of sounding like a Wendover Productions video” 😂😂
@mahdihasan82933 жыл бұрын
Lol loved that one.
@pancakeperson74013 жыл бұрын
Literally almost forgot this was an economics explained video XD
@ryangarcia64753 жыл бұрын
Wendover do be better doe
@Geoffr5243 жыл бұрын
Caught this one also.
@miketv38453 жыл бұрын
Best reference
@ZeusTheIrritable3 жыл бұрын
The next innovation in cargo shipping: Sails.
@kullen10413 жыл бұрын
I was legit thinking of this halfway through th video😂😂😂❤️, would be great if we figured out how to propel the behemoths across water without fuel.
@ZeusTheIrritable3 жыл бұрын
@@kullen1041 It makes some sense. If people could come up with efficient sail setups using only old-timey technology, I image we could come up with something using modern materials and technology that could at least increase the fuel efficiency of current engines using sails.
@kullen10413 жыл бұрын
@@ZeusTheIrritable for sure
@skinz18773 жыл бұрын
@@ZeusTheIrritable this is currently in the process. Not yet at ships of this size and magnitude tho.
@africkinamerican3 жыл бұрын
It's called wind power
@kevtron19913 жыл бұрын
I'm not even a sailor and watching these ships get scrapped still hurts.
@mr.2minutes1613 жыл бұрын
more painful for me watching people who scap it in bangladesh
@MrWest9493 жыл бұрын
I saw my first real cargo ship cross that final bar, it hurts. I even performed the shutdown of a ship older than that, sister ship to the Al Faro
@mal2ksc3 жыл бұрын
It reminds me a bit of how aircraft part manufacturers had to buy titanium golf club heads just to get enough of it, back in the 1990s.
@kyle189343 жыл бұрын
@@mal2ksc golf club heads are made out of titanium?
@cedricvillani85023 жыл бұрын
Your all too soft and squishy think about how many Chinese lives are saved, and the ocean life being killed by the cutting down on Crude These thing pump.....................
@aurandon3 жыл бұрын
04:19 Trolling Wendover Production lol
@EconomicsExplained3 жыл бұрын
Haha no troll, just don't want to encroch on my man sams territory, he has transport, RLL has corolla's, I have Norway
@215rsudhir93 жыл бұрын
@@EconomicsExplained xD bruh 😂
@sriyadityasrivatsa53463 жыл бұрын
@@EconomicsExplained XD
@sarasij14773 жыл бұрын
@@EconomicsExplained Gib me Norway too
@icekick11733 жыл бұрын
Dividing up the world i see, i well and truly expect nothing less than in 30 years you guys being on the board of shadowy figures running the planet
@Sluggishbeef63 жыл бұрын
Let’s not forget for the last decade they made WAY too many ships. Scrap ships to raise the low prices!
@kathieharine59823 жыл бұрын
And the stupidity of making far too many ships was exacerbated by the Federal Reserve Board when it kept interest rates near zero thereby tempting the greedy to open their orderbooks for more ships.
@neilkurzman49073 жыл бұрын
@@kathieharine5982 And why would you think the monetary policy of the United States we drive shipbuilding by other countries? The United States doesn’t have a large merchant marine.
@kathieharine59823 жыл бұрын
@@neilkurzman4907 Where do you think the zero interest money ends up? It has nothing to do with the small size of US flagged ships. Just examine where ships are financed. Follow the money.
@neilkurzman49073 жыл бұрын
@@kathieharine5982 So you believe the United States finances the entire shipping fleet of every country in the world? I am certainly not going to say that low US interest rates doesn’t create some perverse incentives. You did not describe how you know that this is one of them. Follow the money? Certainly why don’t you lead me.
@mitchellcorona83 жыл бұрын
China made too many ships, they dumped them on the market to gain market share and close western shipyards.
@ezragoldberg31323 жыл бұрын
Wow, in the subtitles it actually said "twice as long and twice as Thicc" Amazing attention to detail!
@bug56543 жыл бұрын
"10 short months ago..." Imma stop you right there...these are 2020 months.
@leandersearle50943 жыл бұрын
How many years has it been 2020 now?
@bug56543 жыл бұрын
@@leandersearle5094 I know not, I merely survived the age of September knowing winter was coming.
@TheBelrick3 жыл бұрын
Imagine thinking that the pandemic's unfolding disaster wasnt caused by the Politicians.
@jwadaow3 жыл бұрын
@@TheBelrick No can do.
@TheBelrick3 жыл бұрын
@@jwadaow you de man. Keep repeating the truth for the Enemies who have hidden themselves among our politicians, will try and lie that the economic disaster isnt caused by their lockdowns.
@promstar3 жыл бұрын
As a former seafarer there is a tail risk from this pandemic that I think few consider. During the Covid-19 pandemic almost no countries were willing to take in disembarking crewmembers and thus many ships hade problems carrying out crew changes. I’ve heard stories of crewmembers ready to go home when the lockdown started. They stayed onboard for months. Some missed their weddings, births of their children, family members dead and buried without them being able to be there. Many will never return to the sea, some will have PTSD from this period. A global lack of seafarer can really halt the global economy. They are truly unsung heroes.
@thelastaustralian75833 жыл бұрын
AI Seafaring Automation.
@hudsondunn83853 жыл бұрын
@@thelastaustralian7583 People I know now have PTSD and it sucks TheLast Australian: Let me suggest the option were you are jobless.
@benlarson97753 жыл бұрын
@@thelastaustralian7583 Automation can only go so far. Sure it might replace or heavily augment the deck side, but the engine room will still need skilled engineers to maintain it. An AI can't fix a jammed valve that is cutting off your coolant water to your main engines. And if the ship blacks out, the AI goes with it.
@yay-cat3 жыл бұрын
Seafarers include chefs, photographers, cleaners, entertainers, engineers, mechanics, salespeople, beauty therapists...... AI can maybe steer But yeah I’ve got a few friends who’ve had to make some major career detours
@scwirpeo3 жыл бұрын
@@benlarson9775 The thing here is tho, the technician won't be the one choosing if the ship needs him or not. It's a guy in a suit on the NYSE who can't pick that boat out of a lineup let alone tell you how one works. AI can replace nearly everything and the part's it can't will become the only area where companies can "cut overhead". AI will take more jobs than just the ones it can actually replace.
@NickSiekierski3 жыл бұрын
It'd be great to see a breakdown of the types of goods that have dropped in demand and those that have spiked over the past year. Obviously more people than ever are shopping online and tons of things are still being shipped from China and elsewhere, but I assume the demand for heavy industrial goods, vehicles, raw materials, etc. has dropped and hasn't nearly been offset but the increase in online consumer sales.
@alainduncan37563 жыл бұрын
9:00 You lost me at "Responsible governments will..."
@alitlweird3 жыл бұрын
Lost you? Why’s that? There’s like two or three responsible governments. (maybe)
@alainduncan37563 жыл бұрын
@@alitlweird Because there is no such thing. The entire purpose of government is to benefit the politically connected at the expense of everyone else. There is no rational incentive for them to act "responsibly".
@paulfarese90723 жыл бұрын
@@alainduncan3756 You are 100% right
@SamuraiUjio3 жыл бұрын
Was he being sarcastic when he said the incentives for the Australian government to continue funding the housing market won't end badly?
@theovanbooma85083 жыл бұрын
@@SamuraiUjio absolutely
@Death_Saved3 жыл бұрын
Here's a question, is china scrapping its own ships as well, or are they aiming to control the shipping market by blinding their competitors with short term profits?
@ar.suhaimihashim80803 жыл бұрын
Very very good question! And the answer is probably YES!!!! They are building ports all over the world!
@sudilos11723 жыл бұрын
Let’s play Bingo. Bingo, you win! Also they are building a massive Navy
@jarryl75203 жыл бұрын
That’s a smart move ngl
@ShearF3ar3 жыл бұрын
probably takes a month to make a ship. if the shipping market came back with that much demand it wouldnt be hard to get back in.
@atiger47163 жыл бұрын
Clever question
@jg58753 жыл бұрын
Correction that there is a “New Panamax” class that takes advantage of the new, larger locks at the canal. Goes up to 366m
@christopherwaugh6903 жыл бұрын
I didn't hear new panamax mentioned in the video. It basically makes old panamax obscelete. Did I just miss it?
@jg58753 жыл бұрын
@@christopherwaugh690 Video did not mention "New Panamax"....hence my comment :)
@mxn19483 жыл бұрын
@D R no. there was some random suggestion by a chinese billionaire to build a canal through nicaragua which was in no way supported by the chinese state, but all western media is like "china wants to build a canal through nicaragua"
@davidprietogomez72543 жыл бұрын
This Chanel has the best economic discussions Iever heard in my life. All topics are developed so elocuently and taking into account the most important factors. Something that seems easy to do, but that very few acomplish. I really liked it
@SpeakHearSeeNoEvil3 жыл бұрын
10:55 because shipping companies will receive more money for the steel from scrapping their ships and not continue to pay millions in crew costs, insurance, maintenance etc Saved you 11mins. You're welcome.
@CanadianArchaeologist3 жыл бұрын
China needs steel, probably to build up their military.
@laxcatthesleepycat26883 жыл бұрын
@@CanadianArchaeologist or their own merchant fleet
@fredericp643 жыл бұрын
Can we please vote this comment up to the top!
@ukaszw66233 жыл бұрын
Ships are built to make profit not to make costs.
@FinnUnv3 жыл бұрын
Last time I was this early, was the last video, again. Great video, gonna go sell my dad's car for scrap metal now.
@EconomicsExplained3 жыл бұрын
haha I feelk like the patreon gang might have a bit of an unfair advantage here.
@FinnUnv3 жыл бұрын
@@EconomicsExplained just maybe :) but I don't pay to be first I just _invest_
@Tryckert3 жыл бұрын
@@EconomicsExplained Definitely becoming a patreon supporter once I graduate college and get a great job. Love this content
@a.emotional2433 жыл бұрын
3:56 "twice as long, twice as thick, and twice as h-" brain: "hard?" video: "high" oh
@billmelcher6253 жыл бұрын
thiccc
@OptimisticalBilly.90013 жыл бұрын
b r u h
@xedasxedas3 жыл бұрын
"Now c'mon man don't make it sound like a fat plumpy delicious c@ck"
@sunnyjim13553 жыл бұрын
Proof, if any was needed, that IQ is falling fast.
@a.emotional2433 жыл бұрын
@@sunnyjim1355 My iq is probably higher than yours
@sayftysayfty42282 жыл бұрын
In Germany, retailers are warning that there are not enough goods and to start buying Christmas presents early. I think that has something to do with your video topic. I am impressed that you have virtually predicted this.
@mrfatmancory3 жыл бұрын
Why are we up right now its like 1 am in sydney go to bed.
@EconomicsExplained3 жыл бұрын
oh mate my bedtime is normally around 5am, but thanks for looking out for me :)
@dru46703 жыл бұрын
@@EconomicsExplained it's 9 am in Canada 😂. I like to think you make these videos for us Canadians 😂
@digitalpetor3 жыл бұрын
@@EconomicsExplained But it is a perfect time to watch this kind of videos in western Russia - 5pm here. At least for a quarantined student like myself
@lk69123 жыл бұрын
@@digitalpetor Good job comrade, your English is impeccable.
@sh4dow3473 жыл бұрын
its 17pm here mate
@financial.affairs3 жыл бұрын
It's more profitable to destroy then to maintain
@EconomicsExplained3 жыл бұрын
yep pretty much, sad stuff none the less
@relife67643 жыл бұрын
@@EconomicsExplained well considering alot of older ships runs on heavy fuel oil (or diesel, depending on route), and have inefficient engines, i have to say that from the perspective of ONLY clean air, not including the pollution from ship breaking, scraping old ships are a good idea.
@lcmiracle3 жыл бұрын
@@relife6764 Sad thing is though, after the pandemic passed (and we are beginning to see it at least in the developed countries), demand for crusie ships will eventually raise again, and manufacturing of new cruise ships will spike, producing a sudden surge of carbon emissions from power generations and transportation of resources. Edit: not just cruise ships, ocean liners and such, just, all kinds of ships.
@Invizive3 жыл бұрын
It's a bit more complicated, of course. It's safer to scrap now then build new in case the demand comes back than take a risk maintaining currently useless ships that would keep losing value even without work. Look at a bright side: shipyards now have a chance to get more money from shipping companies in the future - some spike in demand for their services will probably occur. Not to mention the current demand for scrappers who get a lot of work right now.
@bftjoe3 жыл бұрын
@@lcmiracle Pollution for construction is tiny compared to operation. Same wrong already debunked logic is often applied to electric cars.
@cyclonicleo3 жыл бұрын
Kinda not surprised to see this. In a way, its overdue, just due to the costs of running these fleets. The timing is opportune; scrap the old , inefficient ships for cash, cut down on labor costs, plan and build more efficient ships. This puts money into the hands of shipbuilders, stimulating local economies, the fleet operators can be more profitable in future as well as seeing efficiency gains, plus China gets its iron fix. Or something like that....
@raoulraoul71293 жыл бұрын
You sir are totally right.
@paulsz61943 жыл бұрын
cyclonicleo kind of like when we everyday people upgrade our 20 year old cars that have done over 250K KLM, it becomes too expensive to maintain, when you can get a new or newer car for the same amount of money that it costs to Maintain the old one.. Even if you buy a 5 year old car with 80-100K km, the original owner can afford to go to a car dealer and purchase a new one again.
@Mr30friends3 жыл бұрын
"simulating local economies" = simulating china, japan and korea
@ianmcmahon85893 жыл бұрын
@@timwaagh It takes years to design and build a new series of ships. They are betting that the market will be going again by then.
@brianellsworth47673 жыл бұрын
I agree with your comment and never needed to watch the video
@tomorrow63 жыл бұрын
And now - can’t find enough ships for the cargo - which of course does make the remaining companies more profitable
@anajalo59813 жыл бұрын
Exactly what I was thinking rewatching this
@lylestavast76523 жыл бұрын
scrapping ships (oldest) has probably also reduced a lot of expenditures on upgrading engines on them related to IMO2020 requirements on fuels/scrubbers. Where some of the oldest may have been bunkering in the newer low sulfur MFOs, they can now skip that premium and build new ships with state of the art engine systems - not having to take an active asset out of service for a year or more to refit in the process - they can sit on the cash and be planning instead...
@Joshua-jk1om3 жыл бұрын
As for someone heading into the merchant marine field, this is VERY alarming.
@sudilos11723 жыл бұрын
Get ready to get sunk and raided by the massive Chinese fleet. With few other ships around , who will notice when yours disappeared
@isimvol3 жыл бұрын
Well the video mentioned that this is the best type of transportation.. Just sucky times..
@davidlongworth30303 жыл бұрын
Ships are really bad at navigating fields.
@JM-51503 жыл бұрын
I've been a merchant mariner for 27 years. Sailed every where I wanted to go. Industry isn't dead yet. Depends on where you work and the type of vessels. Oil field is low and towing isn't much better. Survey is still going pretty well. Pay has been drastically reduced but I'm comfortable making 80k for 6 months of work. Being a licensed Chief engineer for the last 20 years has been fun, but unless you are ready to be gone and miss just about every holiday do your research. It's not for everyone.
@benjamingrimes33043 жыл бұрын
I wouldn't worry about it...we will always need ships to move people and goods. It's just going through a transformation, which happens in every industry.
@MashZ3 жыл бұрын
Yup. Chittagong, Bangladesh. You can thank us for taking up so much of our beach to recycle the whole world's ships instead of building expensive beach resorts
@Debonair.Aristocrat3 жыл бұрын
And look who has the jobs now and which industries have failed. Tourism has no future; recycling and sustainability, however...
@liamandrade51672 жыл бұрын
And the everyone clapped
@huonwilson12683 жыл бұрын
"Australia used its fiscal spending to keep on propping up a housing market that definitely wont end badly" HAHAHAHAHAAHAHAHAA
@mr.personhumanson68713 жыл бұрын
It's gonna suck while half-way through scrapping a ship, the price of steel suddenly plummets
@BaronSamedi19593 жыл бұрын
That doesn't concern the shipowner. He gets paid once he delivers the vessel to the breaker yard. There are even specialized traders that buy ships for scrapping and pick them up anywhere in the world, pay the owner and sail it to Turkey or Bangla Desh or somewhere in Africa where labour for scrapping is cheap and safety or environmental regulations are non-existent. Now, however, the EU has put a stop to that practice and each EU shipowner must show that his (former) vessel is being scrapped in a responsible way or else he risks huge fines.
@ibubezi76853 жыл бұрын
@@BaronSamedi1959 "Bye bye EU!" Shipowners selling to some non-EU holding company - that then scraps it the 'normal' way.
@flimsyjimnz3 жыл бұрын
-and vaccines jumpstart global economies back into *buy buy buy*
@bobs61293 жыл бұрын
It won't plummet if you control the supply
@yasinmahmudchowdhury14123 жыл бұрын
I live near that area, *Chittagong shipping graveyard* . The pollution here is off the chart. These third world countries have literally become the dumping ground ,global trash can of the first world countries luxurious lifestyles. Our area is getting the first hand experience of global warming. It's not sustainable. Sooner or later this lavish life style will backfire greatly in the near future.
@derekhieb74583 жыл бұрын
Yes, and ship breaking is dirty business and is probably unregulated.
@garethbaus54713 жыл бұрын
A lot of the pollution is probably the result of limited local regulation of the these areas (which unfortunately is probably why such areas are chosen l) and isn't necesarily inherent to the excessive waste of first world lifestyles.
@thetruthisoutthere68703 жыл бұрын
I'm sorry to hear that, God will be taking note of 'those destroying that part of the earth' the Bible promises to 'destroy those destroying the earth' in the very near future, he will also restore earth & it's inhabitants to perfection. 🙏🌎👌
@FiredAndIced3 жыл бұрын
My line of thinking is dystopian, which means I should not proffer that suggestion.
@Dan_Tactics3 жыл бұрын
@@thetruthisoutthere6870 the Bible says a lot of things.
@norml.hugh-mann3 жыл бұрын
Cruise ships arent really considered the merchant marine in the US
@neilfrasersmith3 жыл бұрын
Yes, my thoughts exactly. Covid 19 has decimated the cruise ship market, but merchandise still has to get moved around the world.
@GP-yc2it3 жыл бұрын
Find a cruise ship ported in the USA... They're all foreign-based ships.
@GP-yc2it3 жыл бұрын
@@neilfrasersmith need money buy goods, stores need money to order stock... globalists are trying to break the system by attacking the logistics while crushing incomes.
@martinobrien18773 жыл бұрын
NCL Pride of America in Hawaii is the only US flagged cruise.
@bababistril3 жыл бұрын
@NotAfraidOfLeftist somehow your name really goes to show, you have some serious issues 😂😂
@Bartonovich523 жыл бұрын
The other important part about the economy of using ships is their operation also benefits from globalization. They have flags of convenience, pay minimal taxes, have cheap labour, and can be scrapped where there are few labour or environmental regulations.
@pragueexpat51063 жыл бұрын
Me, a Mongolian subscriber: "I know man, I know.."
@aneek57843 жыл бұрын
I feel ya man
@ganbat3 жыл бұрын
What do you know ?
@matt-hew693 жыл бұрын
That Grand Tour special they filmed there was EPIC. Beautiful country!
@pragueexpat51063 жыл бұрын
@@ganbat About landlocked countries
@pragueexpat51063 жыл бұрын
@@matt-hew69 what grand tour special?, filmed by who?
@MarioLaubacher3 жыл бұрын
Note that Switzerland has access to maritime trade through the Rhine, with container ship routes going from Basel to Rotterdam.
@NotADuncon3 жыл бұрын
Smaller ones tho
@NotADuncon3 жыл бұрын
@HeedArmy83 yes but the point still stands that it has a harder time trading than countries with access to the sea
@mrspeigle13 жыл бұрын
Yeah, the Mississippi river is great for shipping, but a bit of a difference in flat bottom barges and super container ships.
@mns87323 жыл бұрын
@@mrspeigle1 you're correct. Without navigational rivers the u s would have sunk quickly. Not having it almost lost the country politically.
@alexanderfretheim57203 жыл бұрын
Yeah that's actually true. Switzerland's handicap in manufacturing is an excessively strong currency that makes it more expensive to buy their goods outside of Switzerland than within it, and also makes everyone elses goods cheaper in Switzerland, not a lack of maritime access.
@dennissalisbury4963 жыл бұрын
When your Living In a house of cards, you begin burning your furniture to stay warm.
@ldkbudda41763 жыл бұрын
That happened in the 1917 socialist Russia.
@sharefactor3 жыл бұрын
*you're
@lifeisgood56193 жыл бұрын
Are you saying the trading system are cards and the ships are furniture? Is scraping those ships really a bad thing though?
@dennissalisbury4963 жыл бұрын
@@lifeisgood5619 This is an expression an engineer I worked with used to describe deporting our industrial manufacturing base to Asia.
@lifeisgood56193 жыл бұрын
@@dennissalisbury496 oh okey thanks (:
@christianknuchel3 жыл бұрын
I love how we've gotten to the point where the sensible basics of sound economic policy, such as government investment in infrastructure in times of crisis, are "big brain" moves now.
@jakemocci39533 жыл бұрын
I can’t even remember the last time an American politician mentioned infrastructure.
@bonawang49953 жыл бұрын
@@jakemocci3953 Actually, I remember Trump talking about infrastructure quite often when he was running for presidency. Not that he's done a lot to actually improve it tho.
@dreamlessjejune38803 жыл бұрын
I liked the presentation, I want him to take this further and explain the risks of infrastructure, housing, tariffs, etc. however investing in infrastructure itself is a risk or else China, Japan, Europe would do it in earnest... you see China is paying premium now for something they could have done on the cheap 5-10 years ago, with a huge reduction in global demand and investment the consequences of maintenance and lack of economic growth can make this move a disaster in the next 2-10 years if they miss the mark, the same could be said of housing, tax adjustments, farm subsidies, even wars, etc. etc. So he perhaps overly summed it up as big brain, and chuckled at Australias housing plans, (or the USAs cash in pocket plan,) but we will see.
@alexanderfretheim57203 жыл бұрын
China has a big advantage in this stuff though, which is that they have a relatively cooperative form of government that doesn't include an adversarial planning process. In the US, the regulators are always trying to kill you. They also have much more rational decison-makers than America does, and would understand subtle nuances like the advantages of freeways over high-speed rail when connecting Cleveland with Columbus (in their case, Qinzhou with Chongzuo, as those two cities in far Southeast China you've never heard of are about the same size and would have a similar economic relationship) or what a cost-benefit analysis is.
@johns67043 жыл бұрын
democrats have funny ideas about what the word "infrastructure" means...
@JM-51503 жыл бұрын
I've been a merchant mariner for 27 years. Sailed every where I wanted to go. Industry isn't dead yet. Depends on where you work and the type of vessels. Oil field is slow and towing isn't much better. Survey is still going pretty well. Pay has been drastically reduced but I'm comfortable making 80k for 6 months of work. Being a licensed Chief engineer for the last 20 years has been fun, but unless you are ready to be gone and miss just about every holiday do your research. It's not for everyone.
@pc27533 жыл бұрын
Wish I'd done that career. 😒
@boatybear10133 жыл бұрын
Holidays? 80k for 6 months.... 6 months of holiday surely?
@razzrack3 жыл бұрын
wait untill the United Nations agenda 20 - 30 catches up to you ...research
@ktoectbkto3 жыл бұрын
80K as a Chief Engineer is kind of low. At least twice as much.
@pc27533 жыл бұрын
Actually now glad I didn't do that career if everyone in it is that coin obsessed
@Ishmaelstene3 жыл бұрын
"What's going on here" 😂😂. The best of Australian accent
@EconomicsExplained3 жыл бұрын
** WoTs gOin oN EErE
@sargesacker25993 жыл бұрын
BEKFAST!
@JoeGreeneFilmsOslo3 жыл бұрын
@@EconomicsExplained Will we see EE merch bearing the "Wot's goin' on 'ere" slogan?
@TheBelrick3 жыл бұрын
Communism. Don't be fooled, stimulus packages are simply Communism. The Federal Reserve is rapidly seizing the means of production via monetary inflation into the share market. The next depression will be far greater than the first.
@Pasteurpipette3 жыл бұрын
Switzerland is actually a quite bad example of a landlocked nation in this scenario. Basel is directly connected to the major port of Rotterdam by the Rhine river, and the Swiss merchant marine is the largest of any landlocked country.
@sunnyjim13553 жыл бұрын
These massive boats that are more efficient at shipping, are not going to go down the Rhine. So, the cargo from them will have to be transfered to smaller ships... that's another overhead that's a disadvantage.
@Pasteurpipette3 жыл бұрын
@@sunnyjim1355 Oh absolutely, I agree. But the Rhine river happens to be a extremely busy waterway, connecting Basel, Cologne, Dusseldorf, the Ruhr and Arnhem to the sea. In fact, interfacing between river and sea is the basis for most of the world's busiest seaports (eg Alexandria, Antwerp, Rotterdam, Hamburg, Shanghai, South Louisiana, Tokyo).
@blogengeezer45073 жыл бұрын
@@Pasteurpipette -Columbia River system USA case in point. Idaho french fries... to China ;
@peterpayne22193 жыл бұрын
I am blown away by how smart I feel after watching this. Subscribed.
@karl0ssus13 жыл бұрын
"Prop up a housing market" Triggers in NZ
@magamike18003 жыл бұрын
20% increase over the last year. Jacinda said they cant go up for ever and then printed up another 28 billion for more low interest loans. She may be pretty buy she is dumb AF.
@tarstarkusz3 жыл бұрын
Kind of like what China is doing.
@ne0tas3 жыл бұрын
i love crysis
@bubblegumgun32923 жыл бұрын
@@tarstarkusz atleast china is building roads , you know as a capitalist i must say they made socialism work.
@tarstarkusz3 жыл бұрын
@@bubblegumgun3292 Building roads and bridges that aren't needed isn't capitalism (or socialism). If you are building something for the purpose of employment and stimulus, you are by definition not building something because it is needed.
@matthewkelleyhotmail3 жыл бұрын
I was the Chief Fire Patrol on the Imagination for years. When I discovered this video and saw my old ship going to the breaker yard I almost cried. I have a lot of memories from my time there.
@kristir12623 жыл бұрын
I'm sorry. That must be hard. What're some of your favorite memories of your time on it? (if you're okay sharing, ofc)
@matthewkelleyhotmail3 жыл бұрын
@@kristir1262 I started working for Carnival in 1995 and when I left Carnival's MS Tropicale and was sent to the Imagination it seemed so cutting edge to a 20 something year-old that the technology seemed at that time like an opportunity similar to what it must be like to work on the shuttle or something. In 1997 that ship was an amazing opportunity for someone from a small rural volunteer fire department like me. Carnival had figured out what they had done wrong with the MS Tropicale and the Celebration and when they re-designed the Imagination they did things right. It had state of the art CO2 total flooding systems in the engine room and control room, all the fire equipment was top of the line U.S. standard not European like previous ships, and it had an impressive fire detection system. The new infrared system was not like the old system where you had to run to investigate 25 alarms per day from about 4,800 smoke and heat detectors. The panel was on the bridge and the person watching the panel could sit in a leather chair 10 stories above the ocean with amazing views. The company paid over half a billion dollars for the ship and it was still an amazing luxury liner the day it was scrapped. Just working on it was a matter of privilege. After 9 years working onboard for Carnival I wanted to go back and sail on it again someday as a guest. Going back would be like going back to an old house where you used to live. I have fond memories and it is so hard to believe that the company would scrap such a nice functioning ship. The ship was doing cruises this year and was supposedly still in really good condition after dry dock and re-fitment only 4 years ago.
@Nphen3 жыл бұрын
@@matthewkelleyhotmail Imagine if the American government and Congress had any sense and was willing to pay to preserve these amazing ships for the next year or two until a vaccine is delivered. Instead, we are scrapping perfectly good ships just to set the global economy up for a massive shortage in a few years. When I saw the high quality of the cruise ships being sent to the scrapyard, I almost cried myself. Millions of Americans would be willing to pitch in money to form a co-op to run these ships so more people can go on cruises. It's just totally insane how many marvels and wonders of mankind have been allowed to be destroyed in the past century. From historic schools and train stations in Detroit to New York to LA, just to name a small portion.
@alessandrorona62053 жыл бұрын
@@Nphen those ships could be used as temporary housing for poor people or as sleeping quarters for people that could not find a rent for a decent amount of money in areas where rents are too high.
@axilleas3 жыл бұрын
@@Nphen I get where you are coming from and on an emotional level I agree with you. The problem is that the industry is going to take much more than a year or two to recover. The aviation industry expects at least a 5 year span before they get to 2019 levels of demand and they have business travelers as well, the cruise industry is just pleasure so it might be closer to a 10 year period till they recover. It's a sad situation whichever way you look at it, really.
@peredavi3 жыл бұрын
I left merchant marine as Third Assist engineer after 4 years ,used my savings(saved over 70% of income) put myself thru flight school and 5 years later got hired by major air cargo company. Retired this year, age 59 as 747 captain.
@thedarkdestroyer50633 жыл бұрын
Well done pal,but what point you trying to make ?
@jlhistory3 жыл бұрын
Nice man, what was life like as a merchant marine
@e7venjedi3 жыл бұрын
What was your motivation for leaving merchant marine?
@eliaslundstedt56073 жыл бұрын
@@thedarkdestroyer5063 That the average person is their own demise by not being smart economically I suppose, because few do what he did. And what he told is also just speaking of, the subject of the video
@murraycharters61023 жыл бұрын
That would not work right now during Covid, you would do better as a third assist engineer. I retired at 76 , rather I was made redundant along with everybody else . I was a Coach driver for Greyhound Australia. I retired from full time work at 61 but very quickly got bored. I had been driving coaches on weekends and just kept doing that. I didn't need the money but I enjoy driving, traveling and the people I met from all over the world.
@szolanek3 жыл бұрын
If you want to buy the Eiffel Tower, please give me a call.
@lylestavast76523 жыл бұрын
are you also the agent for the Golden Gate and Bay bridges ? asking for a friend...
@jakeblanton68533 жыл бұрын
I wonder what would be the minimum number of rivets / bolts that you would need to remove before the entire thing came tumbling down...
@davidbrawn28283 жыл бұрын
@@lylestavast7652 they serve a function for people to get back and forth to work. The Effel Tower serves zero function.
@Shrekfromthehitmovieshrek3 жыл бұрын
@Humble Bumble Homestead how Like exactly which bolts and how and why
@timewalker66543 жыл бұрын
Can we haggle ?
@bradford22793 жыл бұрын
I cannot imagine the level of damage humanity will sustain from a few hundred wealthy families who have immeasurable greed. It is truly terrifying.
@alabar97953 жыл бұрын
U won't need to imagine it... your going to see it. And FYI it's not being done out of greed. We are being culled my friend. Lock down was designed to wipe out independent business so corporations can boom in wealth so they can then weather the storm of the great reset. Then after body count will really start to boom. All planned decades ago
@sjoroverpirat3 жыл бұрын
@@alabar9795 sure thing mate, but you got any sources for that claim?
@gauravroxs75663 жыл бұрын
Most humans are greedy , if you had the money and the power you would probably do the same thing too.
@Gaga6823 жыл бұрын
Sad of all this we people let that happen under our noses that extremely greedy families destroy humanity and earth itself.
@Me-zo8yc3 жыл бұрын
Record profits for the big corporations while millions of small businesses go bust IS evidence.
@TheDhammaHub3 жыл бұрын
Good thing I did not listen to the guys saying that those ships would just be sold to another company
@davidbeppler30323 жыл бұрын
Whoever said that was right. Just the company will cut them up and melt them down instead of putting them back out to sea.
@Stefi7473 жыл бұрын
“Australia used fiscal stimulus to keep propping up its housing market” *laughs in Canadian*
@alainduncan37563 жыл бұрын
Yea this guy thinks that making housing less affordable while robbing people of their savings is somehow "responsible" economics? He obviously doesn't understand the first thing about economics. His channel should be renamed "Lies that government wants you to believe".
@Peizxcv3 жыл бұрын
0:00 - "This is the Carnival Imagination" while the stern reads Carnival Fantasy :D
@kaimanson31743 жыл бұрын
I thought the same thing, but wasn't too sure if he was referring to the boat he was on. After doing a short research this is what I found out "Carnival Cruise Lines announced July 23 that the 1995-built Carnival Imagination would be placed in long-term layup, with no immediate plans for it to re-enter the fleet. On August 26, the ship officially embarked on its last journey, sailing from Willemstad, Curacao, to Aliaga, Turkey, where it will be broken up." According to Marine traffic Aliaga Turkey was the last port he was reported to be at. Too sad, it was actually the first cruise I got on.
@bieituns3 жыл бұрын
I think he means the ship that the camera recording the fanatasy is on.
@gregh74573 жыл бұрын
i would have thought the first one they scrapped was the diamond princess. Last time i was on it, it was looking pretty rough around the edges
@mal2ksc3 жыл бұрын
@@gregh7457 That's not a Carnival ship. "They" (meaning Carnival's executives) can't scrap a competitor's ship (unless they buy it).
@gregh74573 жыл бұрын
@@mal2ksc which one isn't carnival? princess is owned by carnival btw
@nickg18953 жыл бұрын
Hey I’m not sure if it was affected by the time of making this video but I saw you mentioned a cargo ship container would cost around €2200 to ship from UK to Australia. My dad works for a company that does business with China and he told me that they increased the shipping rate of the containers from around three to $4000 a container all the way up to $12-$13,000 per container today. The cost of shipping is actually rapidly increasing because of Covid and the reduced merchant fleets to deliver the product.
@billm32103 жыл бұрын
A big cost for merchant fleets is they must go green and cut emissions down starting 2021 in addition to become for efficient and cut other costs.This was pre-covid. Only the big guys can survive.
@sunnyjim13553 жыл бұрын
And that's the whole point... Centralization.
@blogengeezer45073 жыл бұрын
-One World Governance, 'Brave New World', or... "Some Pigs are More Equal than Others" ;
@s.m.2813 жыл бұрын
you got the point. regarding the emission rules will be valid in 2021, the old-tech vessels will be prohibited while new vessels with less CO2 emission have been built for replacing those old ones therefore there have been excess container vessels in the market causing fleet price to decrease. with more cost - less profit , i still be in doubt how they withstand.
@drizler3 жыл бұрын
I for one see most of this Global Warming as a pack of pure 💩. I grew up with the cries of the same sorts whining about the Millennial Ice Age coming our way. Then low and behold decades later (August 2020) the scientist leading the charge publishes his apologetic reaction saying he was 😑 wrong. Awww Gee. Probably seeking some last glimmer of notoriety. Anyways one of the few things I agree with in all this is the amount pollution you find in bunker oil. It’s really nasty,on a grand scale. I think I read someplace it was on the order of 2500 x as dirty as gasoline. Here in the North Country many institutions military bases and such all ran on that stuff via a big steam central heat plant. Most if not all have been modernized to diesel / HHO or done away with in favor of natural gas. I saw a couple documentaries showing quasi modernized ships running bunker and diesel the diesel being required for near shore operations. I can see where that ramps up the costs and they made a big show of that in the documentary. Sign of the times I guess. It’s probably just good financial sense to start over with new compliant gear. The world moves on.....
@Groza_Dallocort3 жыл бұрын
@@drizler also I think diesel is better for the engine then bunker oil. It sounds to be that bunker oil really clog up the engine components faster then diesel does and soon we will go over to biodiesel that is even better then regular diesel
@itsgarryb4323 жыл бұрын
Sustainable ship recycling is a must nowadays. Shipbreakers in developing countries should be able to implement ship recycling plans without incurring significant costs. A good idea might be that the entire shipbreaking process is carried out on a specially constructed bed rather than a muddy surface. By the way, great video Economics Explained! Very interesting, looking forward to the next one.
@spaceman0814473 жыл бұрын
At 9:56 . . . China: ". . . that stimulus is coming in the form of infrastructure spending." United States: "What's infrastructure?"
@cloutmastermemes20073 жыл бұрын
China builds poor quality infrastructure it breaks down after 2 decades. And you do realize since China is an authoritarian state it has the ability to control its market. In reality It’s not as good as you think.
@blogengeezer45073 жыл бұрын
-Willing to sacrifice Freedom? "Those who sacrifice Freedom, in exchange for Security, Deserve Neither" ;
@evm61773 жыл бұрын
@@blogengeezer4507 In other words like talking about some people who are crazy enough to speed with the absolute delusion of conviction that they believe they have a fool proof breaking systems fitted in their vehicles for keeping them safe & secure no matter how fast or far they take their freedom! Right? .. EXCEPT NOT EVERYONE'S GROWN UP AND MATURE ENOUGH TO HANDLE SUCH A DELICATE COMPLEXITY AS ABSOLUTE FREEDOM WITHOUT SECURITY / CONTROL! You really don't want to put that kind of hope & faith in all of crazy humanity.. 🍷
@liegesaboya82653 жыл бұрын
@@cloutmastermemes2007 l don't have notice of any other authoritarian regime worst than United States of England . There isn't a single Latin American country that hasn't suffered with dictatorships implemented by the CIA . The same in Africa , Asia and Middle East . If it's not authoritarianism , my grandpa is a bycicle . Salute from Brazil .
@lynncomstock12553 жыл бұрын
California is leading the infrastructure way with its high speed rail to nowhere and converting EVERYTHING to non-fossil fuel energy sources. They can always supplement their energy needs with wood from the forests which are burning anyway with great regularity. However they probably would not be smart enough to harvest the wood that grows close to where people live and work. Will Rogers said, "When the Okies left Oklahoma and moved to California, it raised the I.Q. of both states." (I absolutely love that quote.)
@user-yr7m22 жыл бұрын
"Earlier this year oil price went into negatives" That hurts my soul. We have gas prices way over 8$ per gallon.
@JustMe-nf1mf2 жыл бұрын
What hurts my soul is that it is 100% unecessary for us to still be an oil based economy :o( Greed, selfishness, & ignorance will be the end of us :o(
@Muljinn2 жыл бұрын
Your ignorance is simply staggering.
@thefarter64622 жыл бұрын
@@JustMe-nf1mf your ignorance is absolute
@notjustforme2 жыл бұрын
should be $200 per gallon. limited resources should be the most expensive things and continue to get more expensive. but it's the same all around the world, comfort creatures not willing to accept responsibility are ruining the world for generations to come.
@petrvorlicek4663 жыл бұрын
Wow, not only commercial vessels but even military battleships were limited by the Panama canal. This leads to question, where and how can you scrap some large inventions like battleships and space rockets?
@rkan23 жыл бұрын
Space rockets? Traditonally you'd scrap them to a bottom of an ocean.. Besides, relative to their cost, the amount of materials put in to them, is once again a rounding error.
@carlosandleon3 жыл бұрын
the large ones would probably just go around the continents the old fashioned way
@quisqueyanguy1203 жыл бұрын
Spaceships are scrapped in a high orbit or in the pole of inaccesibility in the South Pacific Ocean.
@jonrolfson16863 жыл бұрын
The Japanese and the Germans built some battleships that were too wide to pass through the Panama Canal locks of the 1940s. The largest, last US Navy and Royal Navy battleships (the four Iowas and HMS Vanguard) can/could slide into those locks with a few molecules of air to spare.
@merkonerko23 жыл бұрын
A lot of warships these days aren’t sent to scrapyards but are sunk during live-fire exercises and turned into artificial reefs.
@TorchyThePyro3 жыл бұрын
All I got from this is that global trade suffers while China flourishes. Sun always rises in Beijing, I guess.
@PoochieCollins3 жыл бұрын
I'm pretty sure China has been hit hard by the pandemic as well. Also it helps that they eventually took Covid with the utmost of seriousness.
@COUNTVLAIDMIR3 жыл бұрын
China is also suffering financial crises, the difference is these don't get exposed because of the tight propaganda the CCP runs. We don't really know the financial state of that country tbh.
@hunterm93 жыл бұрын
@@COUNTVLAIDMIR I think we know quite well the financial potential China has. Unlike our democratic(ish) societies, China has no such constraints and it has an absolutely *massive* workforce, supply chain, infrastructure, military, huge amounts of natural resources, and a perfect location (other than perhaps North America or Africa). Chinese civilians are not going to see the benefits of this, but since the government has basically no obligation to them, China as a country will prosper. What needs to happen is a cultural revolution in China, that will benefit western nations and chinese citizens alike. I foresee that happening, and we'll then see something similar happen in Africa.
@billhanna88383 жыл бұрын
@@hunterm9 Any things possible BUT Chinas is a step ahead of most nations , They have always been traders not warmonger's & good at it , They will screw you down & spit you out if your not in there field .
@pneumonoultramicroscopicsi40653 жыл бұрын
@@hunterm9 Chinese citizens benefited from the growth china made, suggesting otherwise is wrong
@TheDrexxus3 жыл бұрын
Before watching the video, I would assume that with these ships being unable to sail, they still have to be put in port somewhere and there just isn't enough space for them all considering ports weren't built to hold all of them as they were intended to only spend a bit of time there then depart. Also, it would cost money constantly for them to just stick around in port and I would assume with the sudden demand for port access with so many ships needing it, the prices have probably gone up. So ultimately, it would've cost more money in the long term to keep the ships than not to, especially considering that cruises got IMMENSE bad press over how fast diseases spread through them and they've had a lot of news coverage before that for other issues. They probably thought it would take too long for the cruise industry to recover and it just wouldn't be worth it for a long time and is better to just scrap them to get that stimulus of money to do something else with. So now i'll watch the video and see if any of that syncs up. :P
@marklivingstone37103 жыл бұрын
Hopefully a lot of the ships being scrapped are the rusty old single hull ships registered in dodgy ports that cause so much damage.
@mrspeigle13 жыл бұрын
Yep hopefully we will have a newer better Fleet as a result
@the_retag2 жыл бұрын
Old crappy ships are likely the most economic to scrap
@yankeexpress3 жыл бұрын
So many flaws in this video...don’t even know where to start...there are now 2 Panama canals, new locks are bigger making the label “Panamax” superfluous ....Port of Los Angeles/Long Beach just broke it’s all time Container imports record this past period in 2020 as the US online retail economy recovers from Covid spring. Economically Cruise ships have Zero to do with Cargo ships...completely different market and economics...apples and oranges. Cargo Containerships are currently (Nov.-Dec. 2020) in High demand, commanding Top charter rates while cruise-ships are being scrapped. Cruise ships are a separate corner of the merchant marine, part of the tourism industry while freighters are the world economy. They only cross-pollinate when my containership brings in refrigerated food cargo to be loaded aboard a cruise ship in the same harbor, to be consumed by the passengers on the next cruise and when a tanker brings in the fuel oil to power the generators that keep the cruise-ship lights on and the propellers turning.
@seasong76553 жыл бұрын
Look up the scrap metal workers in Bangladesh. Their life is rough and their working conditions aren't very safe because they're being exploited
@prod.crater65473 жыл бұрын
when you learn more from a youtube channel than school
@velvetindigonight3 жыл бұрын
Or the papers.............
@davidmccullough32783 жыл бұрын
Bro you will learn so much more about economics if you actually pay attention to a collegiate level economics class than watch his videos. Believe me, I LOVE this channel, but he definitely dumbs down certain things for his viewers. Not saying it is a bad thing, but school, books, and research papers are what provide you with the same knowledge he has for economics not KZbin videos.
@Foolish1883 жыл бұрын
@@davidmccullough3278 LOL. There have been many studies about what the average student remembers from their Economics Courses. It ain't much. Many (maybe it was the majority, I forget) actually answered basic questions worse after studying Economics than before they took the class.
@baobo673 жыл бұрын
Using this site will give you definite fail in Economics.
@rajiburrahman81763 жыл бұрын
I am from Chittagong. Ship breaking is a huge business in Bangladesh.
@levant53783 жыл бұрын
They don't own the ships, their debtors do. So why sail around a liability that isn't making money when you can liquidate it and pay back some of the debt?
@gregh74573 жыл бұрын
its common practice in economic downturns to get rid of older less efficient assets. The airlines are doing on a much bigger scale right now
@jamescook36753 жыл бұрын
when you traffic bulk cocaine, you can trash ships just like jets
@matthewkelleyhotmail3 жыл бұрын
James I don't think that with cruise companies trashing their ships right now, that bulk cocaine trafficking was possible at least not since the 1980's. With Carnival at least the restrictions of not allowing the boarding of provisions in foreign ports intentionally makes such a thing near impossible. If you believe that companies can scrap their ships after making big profits in drugs then only cargo ships could do that successfully and this phenomenon is much more than just cargo ships being scrapped. Furthermore "bulk cocaine" requires ship ports in countries with bulk available which is only a few tourist destinations. For the years on board that I had full access to 100% of every space on my ship due to my job position, I would bet everything that company involvement did not happen even once. This scrapping issue is much bigger and much more serious an issue for the world economy. This destruction of ships means something else.
@mal2ksc3 жыл бұрын
@@matthewkelleyhotmail I don't think he means cruise ships in particular though. The Coast Guard inspections made it highly unlikely any long-term smuggling operations could be sustained, although it was certainly possible to buy drugs in port in _personal_ quantities, and then conceal them.
@Dong_Harvey3 жыл бұрын
Acchualleey, cocaine is shipped by the US Treasury, they embue it within the dollar and use Nimitz class aircraft carriers to surreptitiously transport it to Iraq, where military contractors get first dibs
@Dong_Harvey3 жыл бұрын
@The mans neighbor dammit, I was making a joke, is it because the FBI had to watch Up In Smoke?
@markp69823 жыл бұрын
@The mans neighbor Yup. Plus the Royals were doing smack via the Royal Navy I heard.
@MLDeS1003 жыл бұрын
7:11 isn't that the port that blew up from the fertilizer explosion?
@EconomicsExplained3 жыл бұрын
it's actually cassablanca in morroco, but you are right it looks unbeleivably similar.
@MLDeS1003 жыл бұрын
@@EconomicsExplained wow that resemblance is uncanny.
@andyu693 жыл бұрын
Same thought
@sarahsmith8403 жыл бұрын
@@EconomicsExplained Generica strikes again!
@MagicMike_1013 жыл бұрын
There are a few ports in this video.
@gautamchandran3 жыл бұрын
Wondering if this scrapping has anything to do with the impact IMOs sulphur regulations will have on the costs of operating the older ships..
@DirtPerson3 жыл бұрын
Hey that's an interesting point.
@ridingwithdavid7393 жыл бұрын
That definitely comes into play. Much like Euro 5 exhaust regulations, it makes old tech prohibitively expensive.
@BeanDar3 жыл бұрын
3:58 "2X Thicc"
@EconomicsExplained3 жыл бұрын
cccccCC
@wolfenstien133 жыл бұрын
Lost my Job: I think I'm the enter the Maritime Industry. Economics Explained: You're funny.
@scottwhitley33923 жыл бұрын
There are still lots of jobs. World trade increased year on year, the cruise industry has took a hit but that’s about it. I’ve just qualified as 3rd engineer and found a job relatively easily
@wolfenstien133 жыл бұрын
@@scottwhitley3392 Great job man. I was the get my MMC, but I got caught up working another job for now. See you on the seas- eventually.
@archades1153 жыл бұрын
No kidding!
@scottwhitley33923 жыл бұрын
@@wolfenstien13 a lot of jobs will say “2 years experience required”, but apply for them anyway.
@calingog26453 жыл бұрын
I clicked on this video semi-reluctantly, as I didn’t think it sounded that interesting. But this was fantastic! Love all the connections you pointed out, how one decision on one side of the world leads to consequences on the other side. Great channel!
@eagleeye15422 жыл бұрын
"Why are billions of dollars worth of ships being intentionally destroyed" Umm, because we need the materials for Mars.. dumb dumbs.
@travissobeck49393 жыл бұрын
I've got an old chain link fence and banding wire .. if I band it up to look like a ship ..... maybe I can get that Ferrari after all!! yet another good video.
@europaeuropa36733 жыл бұрын
The good fallout from all of this is that Somali pirates are starving.
@kingcatmushroom5303 жыл бұрын
They aren't :( In fact the number of hijacks raised by 40% compared to last year(IMB Piracy Reporting Centre). The reason is that ships that are still sailing have fewer crew members due to coronavirus pandemic and since there is less demand for ships, the money is running low for the companies, so they cut costs with armed security.
@sudilos11723 жыл бұрын
Soon we will be to
@jameshammett84223 жыл бұрын
Just when you thought 2020 couldn't get worse - Corona pirates!
@patagualianmostly74373 жыл бұрын
@Europa Europa: Pirates are operating very much in the Bight of Benin (West African coast) 19 seafarers were kidnapped on one day only last week. Doesn't make the news though...... Wonder why?
@patagualianmostly74373 жыл бұрын
@LordMacKarl It's as bad, if not worse, at the moment in the bight of Benin, West Africa. The lack of international positive action is a disgrace.
@derekromero23313 жыл бұрын
“Low cost manufacturing in China” That’s one way to put it
@andrewthompson57283 жыл бұрын
Slave labor in China. Fixed it for you.
@Ray-no9sj3 жыл бұрын
@@andrewthompson5728 nah fam. slave labor only in America, England and Africa, not China. do your own research and not let CNN brainwash u.
@andrewthompson57283 жыл бұрын
@@Ray-no9sj It is so pleasing to review a mandatory response from a faithful Party Member! Drink your koolaid.
@Ray-no9sj3 жыл бұрын
@@andrewthompson5728 ah yes the conspiracy theory brainwashed into you that no Chinese support cpc and that all supporters are 50cent and wumaos😁 since you say I am forced to comment, I guess I'll call you the CIA agent train by Mike Pompeo to lie, cheat, and steal.
@dughole543 жыл бұрын
@@Ray-no9sj says the suicide nets around the apple factory lol, I can quit my job here in america
@leew1593 жыл бұрын
Well, not "always." In the USA it's destroyed our middle class and destroyed our country
@JRyan-lu5im3 жыл бұрын
@FEC Multimedia Tell that to Nancy Pelosi, the decades long incumbent slum lord of LA.
@JayJay-ii5un3 жыл бұрын
Our country is beening destroyed by power hungry politicians. We need infrastructure, and they won't do anything.
@dcgregorya54343 жыл бұрын
@FEC Multimedia LOL. Man takes a vacation, literally Hitler in the mind of nutjobs.
@dcgregorya54343 жыл бұрын
@FEC Multimedia As opposed to Cuomo who killed people when he wasn't groping his aides.
@therecanbeonlyonechris50193 жыл бұрын
@FEC Multimedia more people have now died under Biden
@Twinrehz3 жыл бұрын
I don't know why, but the phrase "so valuable that shipping costs are an irrelevant rounding error" was simply hilarious
@t-virusterrance47343 жыл бұрын
Hello, Humans. "We live in a rainbow of chaos." -Paul Cezanne TERRANCE OUT
@billpage59003 жыл бұрын
I like how he measured the width of the ship as "2X Thiccc
@rooseveltdumornay49543 жыл бұрын
Very entertaining and informative. This isn't something I would normally watch, but you managed to make a boring subject like economics fun and interesting to watch. I actually enjoyed watching.
@bfdmatt983 жыл бұрын
I almost choked on my lunch when you called out wendover productions.
@luizarthurbrito3 жыл бұрын
This channel has been steadily raising the quality bar over the last year.
@TriNguyen-mp8lz3 жыл бұрын
definitely coming close to the level of lame joke as Wendover, I like it.
@officialdislikebutton86543 жыл бұрын
Or your standards have been dropping
@IANinALTONA3 жыл бұрын
Except that almost everything he said in the video is either wrong of irrelevant
@joostsmals6403 жыл бұрын
@@IANinALTONA what is wrong? I am curious.
@owenstull89743 жыл бұрын
@@joostsmals640 Too many things to mention, but fundamentally he does not understand how long ships last, the 7 to 12 years taken to depreciate a ship on a shipping companies books, and the relationship between ship scrapping and ship building. Ships last between 10 and 20 years depending on the type of ship and physical and economic obsolescence. They do not last 40 years. Every year something like 5% of the world's feet is scrapped and 5% is replaced. If more ships are scrapped than are built obviously the fleet will shrink. Ship owners bet on future growth of trade and on the ability of ship builders to add vessels to the fleet. What the "economist" finds so alarming is part of a recurring cycle.
@dandymcgee3 жыл бұрын
It hurt my brain when you said “go brrr” in the middle of this otherwise super professional and insightful mini-doc. It was like when your grandpa says “that was rad” to try to sound hip.
@bosnuts70582 жыл бұрын
Sooo ship owners collectively reduce their fleet sizes and overhead to reduce supply so once global economy/demand rebounds they can exponentially increase their rates/profits. We the people will pay... GROSS!
@visekual62483 жыл бұрын
I am against passenger ships, I think they are a huge waste of resources and cause large amounts of unnecessary pollution, I would not mind if this industry ended
@goverat3 жыл бұрын
Tourism for smaller countries is where they are good
@visekual62483 жыл бұрын
@@goverat I do not mean small islands where it is not possible or does not make sense to have an airport, where these ships are used as a means of transport, I am against these gigantic cruises with casinos, shopping malls, theaters, cinemas, etc. that spend more time in the ocean that anchored, just burning tons of fuel to take people from point A to point A, if you want the infrastructure of the ship go to a resort, if you want to know the Bahamas, spend a week there in a hotel.
@goverat3 жыл бұрын
@@visekual6248 it's those gigantic ones that go port to port to port and drop tourists off for a few hours on week long tours that bring tourist dollars in
@visekual62483 жыл бұрын
@@goverat They can even bring money, but very unevenly, most of these tourists spend the money in gift shops and restaurants nearby, the only money that is distributed more evenly are the taxes paid by the ship and passengers, besides the tourism is limited to the cities where these ships anchor, cruise ships are big business for the cities they leave from, not where they stop, but I wouldn’t mind if it wasn’t for the struggle to reduce carbon emissions, this industry it is at the same time one of the most polluting and the one that most easily can drastically reduce its emissions, people talk about electric planes, but not about reducing the energy consumption of cruise ships that are burning tons of fuel to keep unnecessary leisure running.
@diGritz13 жыл бұрын
It's sad to think these ships owe their existence to a failed dream. The dream to export coconuts using European Swallows. ""0_o""
@justinhiggins22103 жыл бұрын
Trains and trucks still have to climb hills and stop and go frequently. This kills fuel mileage. Ocean liners never have to go up hill and don't have to start and stop very often.
@Hugmir3 жыл бұрын
It is a bit less difficult pushing through air than pushing through water, though.
@alejandrocantu46523 жыл бұрын
Ships don't go uphill you're right but they do get bettered by 40' waves on occasion
@justinhiggins22103 жыл бұрын
@@alejandrocantu4652 very good point.
@mrjohnnyk3 жыл бұрын
Yeah there's these things called currents and waves
@luthiervandros2 жыл бұрын
The impact to the international bar scene will be far greater 😂
@Connor-vj7vf3 жыл бұрын
For your example, correct me if I'm wrong but doesn't Switzerland have a massive merchant fleet, plus a large port on the Rhine?
@ronnieince45683 жыл бұрын
Connor Ozkrffe 'they are river barges rather than ocean going ships .But half the world's ships are propelled by Swiss engines -Sulzer designed diesels go up to 2700 ton 14 cylinder two stroke cross head design worth power outputs up to over 100000 kilowatts .These propel these huge ships at up to cruising speeds of up to 27 knots .They are huge with the crankshaft up to.over 30 metres long and each cylinder is about 20000 c.c capacity.
@mobileandroid52993 жыл бұрын
@@ronnieince4568 - Thank you! Monitoring their stocks now
@yankeexpress3 жыл бұрын
One of the largest ocean shipping companies, MSC, is Swiss owned.
@SolyomSzava3 жыл бұрын
There is a big difference between companies registered in a country having financial control of an asset (a merchant fleet in this case), and that same country being able to use the asset itself. The swiss have went the way of supplying high-value/low-quantity products and services (engines, navigation equipment, financing, insurance, etc.) to service this profitable asset, so other companies and countries have to essentially pay them rent to use the asset (to ship stuff in this case). That "rent" can then be reinvested into these industries producing/offering the products and services at even higher efficiencies, perpetuating the cycle. This is basically the strategy for "going tall" with a few valuable industries, instead of "going wide" with a lot of high-volume industries (like China, India and many other neighbours there).
@ronnieince45683 жыл бұрын
@@SolyomSzava yes the largest ship ownining nation by port of registry is Liberia -must be half the worlds large merchant ships registered in Monrovia .
@physiocrat71433 жыл бұрын
Sorry, this goes against everything that is being said against the EU's trade policy, which, as we know, has the wisest economic policy in human history. The Single Market is based on the assumption that imports are inherently bad, because home industry needs to be protected, and if necessary, kept out with tariffs. On that basis, land locked countries should be the most prosperous in the world. Seriously though, this means that countries which cannot accommodate the largest container ships in their ports, such as Ireland, have an inherent disadvantage.
@ibubezi76853 жыл бұрын
Home industries were wiped out in the EU by labor laws, strikes and regulations. First, Eastern Europe took over production, then China. Another insane rule is that Chinese companies can buy EU companies completely - in China a foreigner can never own more than 49% of a local company. Yet, they keep spouting their nonsense about 'level playing-field' etc.
@kronos3193 жыл бұрын
Instructions unclear, bought call options for $IRON
@tc96343 жыл бұрын
00:00 "Carnival Imagination, a *luxury* cruise liner" People who cruise: bruh...
@101m4n3 жыл бұрын
What I take away from these videos: Human civilisation is a giant rube goldberg machine that constantly threatens collapse.
@skysteppes3 жыл бұрын
Old cruise ships would make perfect homeless housing up and down the west coast.
@garethbaus54713 жыл бұрын
Might be too expensive to maintain and the potential risk for disease is astronomical but it might still be worth seeing if this is viable.
@drizler3 жыл бұрын
Homeless destroy everything they touch eventually and something like a ship would be unworkable. Too many bums, too many addicts and all the problems they bring with them.
@josepeixoto33843 жыл бұрын
fire...
@ThaBoss30063 жыл бұрын
Ye good idea, make a super ghetto.
@justanotherdaytv8763 жыл бұрын
Now This Is An Idea That Can Grow And Be Great Or Go Up In Flames Real Quick🤷🏿♂️🤷🏿♂️🤷🏿♂️
@smokeydelicious14813 жыл бұрын
Ocean freight costs are insane now. In 2019, a 40 ft container from China to the Port of Long Beach in California was $2,000 USD. Today, it is $18,500 USD plus a "port congestion fee" of $1,750 USD since there are so many imports coming into PLB.
@captaingordon3 жыл бұрын
Brilliantly presented. This reminds me of the series “Connections” by James Burke.
@LuciusDriftwood3 жыл бұрын
Wow! I recently 'connected' with this series a couple of months ago. It seems incredibly prescient. For your delectation.....episode 1 ;) kzbin.info/www/bejne/jpbXoZ9-mLJql7M
@phamnuwen94423 жыл бұрын
This entire video is cringe. Almost zero economic knowledge to be had here.
@namehere49543 жыл бұрын
Scrapping a usable ship yet people want to shame me for occasionally using a plastic straw...GTFO 🤣
@DarthVantos3 жыл бұрын
9:20 Man I know this is about shipping, but as an american hearing you gloss over what that "actually" was was painful. We got straight robbed corporate american, steven mnuchin and his goons, okay ill stop.
@qaarloshilaal27783 жыл бұрын
Watching this a few days after the Suez Canal cargo problem is a trip :p
@oldvlognewtricks2 жыл бұрын
Watching this as failing global supply chains are causing inflation to skyrocket even moreso…
@rajpreetdhaliwal6273 жыл бұрын
Please make a video about the economic repercussions of the latest farming reforms launched by the India govt. that has triggered one of the biggest protests in human HISTORY