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No depression yet (watch this space)

July 23, 2010
By now, the technical shortcomings of the Baltic Dry Index of seaborne shipping costs are old hat to anyone with the price of a good newspaper. The index is misleading, its critics agree. Not just that, but it seems to only go down. Following is a note about some competing indices that have actually gone up. To anticipate, 1931 doesn't seem to be on the horizon.

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