“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception
They say one picture is worth a thousand words (and a big thanks to TheContraryInvestor for the chart. His weekly reports are invaluable.)
Here is why the slumping airlines do not affect the Dow Transports Index significantly.
We do not understand the rationale, but we were quite surprised to see how little they contribute to it.
