As an apparently minor sign of distress, take the Baltic Dry Index, which measures bulk shipping rates. It has halved this month, and is down more than 90 per cent from its peak in May.
In part, this is a simple recession story, to do with dwindling demand for iron ore and the like. Yet that is not the whole story.
Demand for coffee, one presumes, has been steadier. However, the price received by growers in Indonesia, the world's biggest producer, has dropped some 40 per cent in two months.
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