Source: http://kingworldnews.com/legend-shares-the-most-frightening-

Today the man who oversees more than $155 billion shared the most frightening chart in the world.

Rob Arnott: “One of the things that’s gotten very little attention is that shipping rates, freight rates, are down 97 percent from their highs. It costs next to nothing to ship things globally, including oil and freight. That’s lower — even without adjusting for inflation — than at any time since records began in the 1970s (see shocking chart below).

That bear market in freight rates — 97 percent down — is one of the biggest that comes to mind, worldwide; the only deeper bear markets in my lifetime would likely be the collapse of purchasing power for hyperinflation currencies like the Zimbabwe dollar. What does this tell us about the global economy?”