Over the past month, drybulk shippers have watched the Baltic Dry Index fall from just under 1700 to just about 1100, as ship supply still far outweighs global demand.
True, some Argentines now argue that this success is delusory: it has pushed resources into businesses, like their inefficient motor industry, that could not live without high external tariffs and are now left high and dry by the fall of the real.
Only a couple of inches of rain have fallen in Southern California since the start of the year, making the region as dry as it normally would be in the fall, when fire season is typically at its peak.