Before Thanksgiving fades too far in your memory, I wanted to share the amazing story of Squanto who, after his own amazing and tragic journey, presented himself to the starving Pilgrims at Plymouth after half of them had already perished. Squanto, who had been kidnapped into slavery and taken to Europe where he learned English, was freed and finally made it back to Plymouth to find his entire tribe wiped out by Smallpox. The pilgrims happened to settle in the very place where Squanto grew up. When he presented himself to them, he spoke in perfect English and taught them how to survive in that area. He must have seemed to be the answer to the Pilgrim's prayers for salvation.
Here's a great account from the
Wall Street Journal:
"Every Thanksgiving we remember that, to escape religious persecution, the Pilgrims sailed to the New World, landing at Plymouth Rock in 1620. But numerous trading ships had visited the area earlier. Around 1608 an English ship dropped anchor off the coast of what is today Plymouth, Mass., ostensibly to trade metal goods for the natives’ beads and pelts. The friendly Patuxets received the crew but soon discovered their dark intentions. A number of the braves were brutally captured, taken to Spain and sold into slavery.
One of them, a young man named Tisquantum, or Squanto, was bought by a group of Catholic friars, who evidently treated him well and freed him, even allowing him to dream of somehow returning to the New World, an almost unimaginable thought at the time. Around 1612, Squanto made his way to London, where he stayed with a man named John Slany and learned his ways and language. In 1618, a ship was found, and in return for serving as an interpreter, Squanto would be given one-way passage back to the New World.
After spending a winter in Newfoundland, the ship made its way down the coast of Maine and Cape Cod, where Squanto at last reached his own shore. After 10 years, Squanto returned to the village where he had been born. But when he arrived, to his unfathomable disappointment, there was no one to greet him. What had happened?
It seems that since he had been away, nearly every member of the Patuxets had perished from disease, perhaps smallpox, brought by European ships. Had Squanto not been kidnapped, he would almost surely have died. But perhaps he didn’t feel lucky to have been spared. Surely, he must have wondered how his extraordinary efforts could amount to this. At first he wandered to another Wampanoag tribe, but they weren’t his people. He was a man without a family or tribe, and eventually lived alone in the woods.
But his story didn’t end there. In the bleak November of 1620, the Mayflower passengers, unable to navigate south to the warmer land of Virginia, decided to settle at Plymouth, the very spot where Squanto had grown up. They had come in search of religious freedom, hoping to found a colony based on Christian principles.
Their journey was very difficult, and their celebrated landing on the frigid shores of Plymouth proved even more so. Forced to sleep in miserably wet and cold conditions, many of them fell gravely ill. Half of them died during that terrible winter. One can imagine how they must have wept and wondered how the God they trusted and followed could lead them to this agonizing pass. They seriously considered returning to Europe.
But one day during that spring of 1621, a Wampanoag walked out of the woods to greet them. Somehow he spoke perfect English. In fact, he had lived in London more recently than they had. And if that weren’t strange enough, he had grown up on the exact land where they had settled.
Because of this, he knew everything about how to survive there; not only how to plant corn and squash, but how to find fish and lobsters and eels and much else. The lone Patuxet survivor had nowhere to go, so the Pilgrims adopted him as one of their own and he lived with them on the land of his childhood.
No one disputes that Squanto’s advent among the Pilgrims changed everything, making it possible for them to stay and thrive. Squanto even helped broker a peace with the local tribes, one that lasted 50 years, a staggering accomplishment considering the troubles settlers would face later.
So the question is: Can all of this have been sheer happenstance, as most versions of the story would have us believe? The Pilgrims hardly thought so. To them, Squanto was a living answer to their tearful prayers, an outrageous miracle of God. Plymouth Colony Governor William Bradford declared in his journal that Squanto “became a special instrument sent of God” who didn’t leave them “till he died.”
Indeed, when Squanto died from a mysterious disease in 1622, Bradford wrote that he wanted “the Governor to pray for him, that he might go to the Englishmen’s God in heaven.” And Squanto bequeathed his possessions to the Pilgrims “as remembrances of his love.”
These are historical facts. May we be forgiven for interpreting them as the answered prayers of a suffering people, and a warm touch at the cold dawn of our history of an Almighty Hand?"
The recent fall of this Eurodollar leverage may be most significant large-scale and long term trend that explains the collapse in China and commodities. And you can see the effect of this reduced leverage when Credit Suisse, Deutsche Bank and Morgan Stanley announce repeated capital raises, layoffs, and/or dividend cuts. Their trading in leveraged products is shrinking as economic activity is slowing. They go hand in hand. World equities are falling and global trade is declining.
Let's sum up the indicators that are nearly shouting recession: US durable goods orders are declining, US retail sales in 2015 are as weak as they have ever been outside of the great recession in 2008/2009, US ISM manufacturing is shrinking, Global trade is declining. US exports are declining. US corporate revenues are declining and corporate profits are now down year over year. These things don't occur together except in contractions. Due to high debt levels across the world, and with interest rates already at near zero levels, this next contraction will last for a long time since there are no policy tools to offset it.
