Panama Canal Crisis - How it Impacts the World Economy
Valuetainment
Valuetainment Episodes
4.8 • 1.7K Ratings
🗓️ 18 September 2023
⏱️ 13 minutes
🧾️ Download transcript
Summary
Patrick Bet-David uncovers the history and economic influence of the Panama Canal on the world economy from its inception, vital role in global trade, and current crisis. From the Canal's lock system to the likelihood of an expansion by the Panama Canal Authority, PBD unveils the challenges the Canal faces today. The video also explains how a Panama Canal gridlock compares to the 2021 Suez Canal crisis when the Ever Given, a container megaship, affected the entire shipping industry by getting stuck in the canal. Read more: https://valuetainment.com/panama-canal-crisis-how-it-impacts-the-world-economy/ Connect With Experts On Minnect: https://app.minnect.com/ Visit our website: https://valuetainment.com/ Subscribe to our channel: http://bit.ly/2aPEwD4 Want to get clear on your next 5 business moves? https://valuetainment.com/academy/ Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Text: PODCAST to 310.340.1132 to get the latest updates in real-time! Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
Transcript
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| 0:00.0 | So I don't know if you've followed the story on what's going on in Panama Canal, but it's very problematic. |
| 0:03.4 | 40% of the stuff that you when I buy comes through the Panama Canal and due to the drought that they're having over their ships are waiting. |
| 0:10.3 | Just in July was taking five and a half days to six and a half days for ships to transit through. |
| 0:15.1 | Whether it's the northbound or the southbound transit that five and a half to six and a half days is now 18 to 21 days. |
| 0:22.0 | And you and I are buying this stuff. |
| 0:23.6 | So a lot of ships have to go all the way around. |
| 0:25.7 | Big problem a couple of years ago, if you remember what happened to Suez Canal, that's a great case study to see how bad it's going to be here. |
| 0:31.9 | We're going to take a deep dive on what's going on with the Panama Canal and how it can affect you. |
| 0:35.9 | Okay, so if you give value out of this video, give it a thumbs up and subscribe to the channel. Let's get right into it. |
| 0:39.9 | Let me give you some facts on what we're looking at. |
| 0:41.5 | Number one, I told you 40% of containers that come to US traveled through the Panama Canal. |
| 0:46.8 | Six percent of all global trade goes through the canal and Panama Canal is the busiest canal in the world. |
| 0:52.7 | Handling over 14,000 ships per year. |
| 0:55.5 | By the way, if you've never been our vendor before, it's an incredible experience. |
| 0:58.9 | Seeing how ships are elevated water is used to elevate ships or lower ships. |
| 1:04.7 | That's the whole concept of the canal. |
| 1:06.3 | It's unbelievable what it does and how important it is to US specifically. |
| 1:09.7 | You and I were buying stuff. |
| 1:11.1 | The canal is expected to reach capacity by 2030 and the expansion of the canal, |
| 1:16.1 | which they're talking about is expected to cost 5.25 billion dollars and take five years to complete. |
| 1:22.7 | The Panama Canal is a busiest canal in the world. |
| 1:24.5 | Handling over 14,000 ships here, which is roughly 40 ships a day. |
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