Authored by James Howard Kunstler via Kunstler.com,

“On many subjects important to public life today, vast numbers of people know the truth, and yet the official channels of information sharing are reluctant to admit it.”

– Jeffrey Tucker

You might wonder, as I do, whether Kamala Harris can even stay in the race until November 5. Based on her grim appearance in last week’s “interview” with Dana Bash, slumped at the table of a crummy Georgia café under poor lighting, her trademark cackle suppressed, she looked psychologically wilted. Don’t be surprised if late this week she “catches Covid” and asks to “postpone” the September 10 debate with Mr. Trump.

Consider the depressing reality of her situation, lately cloaked by the farcical “joy” motif put out by her party’s campaign spin doctors: First, the cabal running the White House bum-rushed “Joe Biden” out of the campaign, just hooked him offstage like a broke-down vaudevillian annoying the audience with his tired antics. Then, the same gang buffaloed Kamala onto center stage by some mystical process that disregarded her lack of preparation, her proven unpopularity in the 2020 primaries, and her near-invisibility in 3.5 years as veep.

For a couple of weeks her head must have been spinning with sheer intoxication at the amazing turn of events. Who wouldn’t be amazed to find him or herself unexpectedly selected to run for president? But now, post the artificial hoopla of the convention, the dread steals in. If she was previously used to self-medicating with chardonnay during the irksome veep years, imagine the pressure now on those campaign bus trips.

She has a lot to be afraid of. She’s not nimble of mind in the spotlight, and she knows it. When she tries to riff on anything off-the-cuff, all that comes out are laughable tautologies. She really doesn’t know much about the world, even about simple geography, certainly not the complex interplay of national interests. Her economic notions are a kind of Frappuccino® of processed Marxian sludge from the Berkeley cafés. If exposed regularly to even friendly reporters, she’d ignite howling embarrassment for herself (and the party). And, after all, there’s her record, including hundreds of videos on the Internet showing plainly the crazy policies she supports and now has to pretend to dissociate from.

Lurking behind her is not only the American intel blob of dark forces and sinister figures, but an international blob made up of malevolent groups within and throughout Western Civ, clearly working to bring it down — the Eurocrats wrecking their own countries’ agriculture and their industrial economies while jailing their opponents for thought crimes; the WEFers pushing the demented climate change agenda and ruinous migrant invasions; the bankers looking to seize the “collateral” (property, chattels, investment portfolios) of a billion everyday citizens when the bond Ponzi scheme blows up, as it must; the WHO steered by Bill Gates seeking to inject unsafe vaccines into everybody in order to greatly and quickly reduce the population; the Soros NGO legions working to subvert the public interest here, there, and everywhere; the NATO warmongers trying like hell to start World War Three. . . . Kamala Harris surely understands — if she understands anything — that she has become their chosen pawn, and is at their mercy (they have none).

She should be afraid especially of the American blob. That combine of higher-ups in the CIA, the DOD, the FBI, the DHS, the State Department, and Gawd knows how many lesser-known agencies and “black op” back offices, knows that it is in great danger if Mr. Trump happens to get elected (despite their best efforts to rig things). After all the trips laid on him, all the way up to attempted assassination, you can be sure that Mr. Trump will be coming after the cabal for committing real and serious crimes. They are running scared now. Despite all the power seemingly at their command, nothing has availed so far — not lawfare, not bullets — to stop Mr. Trump’s implacable march back into the Oval Office, where he could possibly succeed in turning the USA back into a functioning republic

Poor Kamala Harris is the blob’s wholly inadequate instrument to fend off this fate. If she continues to perform badly, the blob might not hesitate to try getting rid of her. That may be the blob’s last chance of stopping the election from happening altogether. The nation has never been in the predicament of having the head of a ticket resign or die in the homestretch of an election campaign. There is no provision in the Constitution for it because there are no provisions in the Constitution for political parties per se. It would all be a kind of improv.

And then, of course, America would be stuck with the unfit and incapable “Joe Biden,” heading the government, at least until something else can be worked out. Maybe that working out would just be the final stage of the coup that has been in motion, really, since 2016 when John Brennan, Barack Obama, and James Comey attempted to oust Mr. Trump with RussiaGate. Some kind of “interim commission” might be formed to “solve” the problem of the cancelled election. They’ll look for someone with “proven ability” to serve as provisional president — maybe, someone who has already been president. . . say, Mr. Obama. Voila and fait accompli! If he finds himself appointed rather than elected, he would not be in defiance of the 22ndAmendment. Okay, now try re-thinking how scared Kamala Harris must be.

*  *  *

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The Biden-Harris Pentagon is refusing to answer questions from Congress and the media regarding Democrat vice-presidential nominee Governor Tim Walz’s (D-MN) frequent travel to China. The lack of transparency has raised concerns about potential risks to U.S. military members and whether Walz properly disclosed these trips to the Army National Guard during his service.

Typically, U.S. military members, especially those holding a security clearance, are required to report or request permission from their command before traveling overseas—particularly to countries considered adversarial to U.S. interests, such as China. These precautions are necessary as military personnel are prime targets for foreign espionage and exploitation. They often receive briefings on what to watch for before traveling and may be required to debrief upon their return, Breitbart News reports.

Walz has publicly stated he visited China about 30 times, with many of these trips occurring while he was an Army National Guard member. However, it remains unclear if Walz consistently reported his travels to China to his military command, whether he sought proper permission, or whether he possessed a security clearance during these trips. The Pentagon has yet to provide answers, adding to the uncertainty.

House Armed Services Military Personnel Subcommittee Chairman Jim Banks (R-IN) sent a letter to Defense Secretary Lloyd Austin and Acting Chief of the National Guard Bureau Lt. Gen. Jonathan Stubbs on August 13, requesting details about Walz’s travels and his compliance with military reporting rules. Two days later, a Pentagon spokesperson told the South China Morning Post that Austin would respond to Banks “in due course.” As of now, more than two weeks later, there has been no response.

In a statement to Breitbart, Banks criticized the Pentagon’s lack of transparency: “The Biden-Harris DOD is once again putting politics ahead of our national security. Tim Walz is bought and paid for by the Chinese Communist Party and doesn’t belong anywhere near the White House.“

Breitbart News also reached out to the Minnesota National Guard for answers on whether Walz requested permission for his China trips or if he held a security clearance during his service. The Guard has not responded, nor has Walz’s spokesperson, Teddy Tschann.

A retired senior non-commissioned officer (NCO) with the Army National Guard told Breitbart News that most staff sergeants or higher in the Army National Guard would typically hold at least an interim security clearance and thus be required to report such trips. Walz traveled annually to China between 1993 and 2003 and was at least a master sergeant by 2004. This suggests he would have needed to report his trips under standard military procedures.

The retired NCO also pointed out that when Walz was promoted to sergeant major (E-9) in 2004, he would have been required to update his SF-86—a government form used for background checks and security clearances—if he was attending the Sergeant Majors Academy. Reports suggest that Walz began the academy but did not complete it, instead opting to retire from the military in 2005, a decision some speculate may have been influenced by potential security clearance issues.

Tim Walz honeymooned in China after intentionally marrying on the anniversary of the Tiananmen Square massacre. “He wanted a date he’ll always remember,” his wife said.

If Tiananmen Tim celebrates the slaughter of innocents fighting for freedom in China, imagine his plan for us! pic.twitter.com/G5NNYsXvot

— Tudor Dixon (@TudorDixon) August 7, 2024

Security experts argue that Walz’s frequent trips to China would have triggered concerns within the military. Sean Bigley, a security clearance expert, noted that receiving funding from China for trips is a major red flag. “That’s almost a non-starter for a security clearance… There’s an expectation that comes with that,” he said.

Bigley explained that the Chinese government doesn’t provide funding without expecting something in return, suggesting that Walz’s acceptance of such funding would have raised serious concerns during any background investigation.

“What are you expected to do in return for that money?” said Bigley.

Former senior intelligence analyst John Schindler added that Walz’s repeated travel to China and the support he received from Chinese authorities would not have occurred without the approval of China’s Ministry of State Security, the regime’s secret police. “You don’t get to go back to China 30 times on educational exchanges unless you have the approval of the Communist Party and the secret police,” Schindler said.

Schindler’s recent op-ed in the Washington Examiner also pointed out the lack of scrutiny compared to how former President Donald Trump was treated for his alleged ties to foreign powers: “Would anybody have thought Trump was fit for the Oval Office if he’d visited Russia 30 times, including on the Kremlin’s dime, and gushed about Moscow’s glories?”

Local news archives reveal that Walz’s affinity for China has been long-standing. A series of articles from the Scottsbluff Star-Herald and other outlets document his frequent trips, funded in part by the Chinese government, and his admiration for Chinese culture—even after witnessing the Tiananmen Square massacre in 1989.

If anyone is curious about Tim Walz’s year of teaching in China, this is a fun read. Six trips to Macau! pic.twitter.com/Evrs55DG6h

— Hudson Lockett IV 康河信 (@KangHexin) August 7, 2024

Critics argue that Walz’s trips and their funding could have made him a target for Chinese intelligence recruitment. “A young American with an affection for China, who was also a part-time member of the U.S. military, would have been a tempting recruiting target for Chinese intelligence,” Schindler noted.

The Biden-Harris administration’s silence on the matter only adds to concerns about Walz’s history with China. With his past undisclosed travel and financial ties to a hostile foreign power, some analysts argue that Walz’s selection as Harris’s running mate poses a significant national security risk.

Notable: the Chinese government funded @Tim_Walz’s student exchange trips to China in the 90s.

By Walz’s own admission, it was unusual that the government “paid a large part of the cost.” pic.twitter.com/OrGsS8ubve

— Michael Sobolik (@michaelsobolik) August 6, 2024

House Oversight Committee Chairman James Comer (R-KY) has also requested information from the FBI on Walz’s engagement with Chinese entities, reflecting broader concerns about his potential susceptibility to influence from the Chinese Communist Party.

Comer wrote to FBI Director Christopher Wray:

It has come to the Committee’s attention that Governor Walz has longstanding connections to CCP-connected entities and officials that make him susceptible to the Party’s strategy of elite capture, which seeks to co-opt influential figures in elite political, cultural, and academic circles to influence the United States to the benefit of the communist regime and the detriment of Americans. Reporting about Governor Walz’s extensive engagement with CCP officials and entities while serving in public office raises questions about possible CCP influence in his decision-making as governor — and, should he be elected, as vice president.

The agency had until August 30 to provide answers.

@Tim_Walz: “[The @CECCgov] has opened channels of collaboration that I have been able to talk to the Chinese, because when we’re on the same sheet of music, two of the world’s great superpowers, there’s many collaborative things we can do together. So I’m hopeful on that.” pic.twitter.com/Bz6YbDn4tf

— Michael Sobolik (@michaelsobolik) August 6, 2024

“I’m pretty friendly with China.”

— Tim Walzpic.twitter.com/0dMISE3e05

— RNC Research (@RNCResearch) August 8, 2024

Despite calls for greater transparency, the Biden-Harris administration and the Pentagon continue to withhold critical information, leaving many questions unanswered about Walz’s extensive travel history and potential implications for U.S. national security.

Meanwhile…

𝐄𝐗𝐂 – 𝐕𝐏 𝐩𝐢𝐜𝐤 𝐓𝐢𝐦 𝐖𝐚𝐥𝐳 𝐡𝐞𝐚𝐝𝐥𝐢𝐧𝐞𝐝 𝐚 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐬𝐭 𝐏𝐚𝐫𝐭𝐲 𝐢𝐧𝐟𝐥𝐮𝐞𝐧𝐜𝐞 𝐠𝐫𝐨𝐮𝐩’𝐬 𝟐𝟎𝟏𝟗 𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧.

He spoke alongside the president of the Chinese People’s Association for Friendship with… pic.twitter.com/IRqlV1Qb7o

— Natalie Winters (@nataliegwinters) August 6, 2024

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

The median down payment for buying a home in the United States has jumped to an all-time high, driven by factors like high home prices and mortgage rates, according to a report by real estate brokerage Redfin.

“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8 percent from $58,788 a year earlier,” according to an Aug. 28 news release. Year-over-year down payment costs have been rising continuously over the past months, with June recording the 12th straight month of increase.

Redfin said the spike in down payment was being influenced by current market conditions where “higher-priced, turnkey homes” located in desirable neighborhoods are likely to get sold. Turnkey homes are fully renovated properties that an investor can buy and rent out immediately.

The median price of a U.S. home was also at a “record” high of $442,525. With elevated home prices and mortgage rates, buyers need to put down more money in down payment.

“Investors are still coming in with all-cash offers on homes that need to be renovated. Traditional buyers are putting up large down payments to try and lower their mortgage payment,” said Annie Foushee, a Redfin agent in Denver.

“These buyers will often utilize the help of family members to put down more than they could on their own.”

The down payment a typical homebuyer made in June was 18.6 percent of the home price, the highest level in more than a decade. Almost three in five buyers paid more than 10 percent of the property price as a down payment in June.

More than 30 percent of home purchases in June were made all-cash, up from last year. Redfin Senior Economist Sheharyar Bokhari pointed out that the “percentage of all-cash sales generally follows the same trend as the rise and fall of mortgage rates. When rates are down, the percentage of all-cash sales is down too, and the opposite is true when rates go up.”

“That means we may start to see all-cash purchases level off a little now that mortgage rates have started to come down from recent highs.”

According to real estate data provider ATTOM, Barnstable Town, Massachusetts, had the highest median down payment percentage for home purchases among all U.S. metros in the first quarter of this year at 23.6 percent.

Naples-Immokalee-Marco Island, Florida, and San Francisco-Oakland-Hayward, California, had rates above 23 percent. Los Angeles-Long Beach-Anaheim, California; Boulder, Colorado; Santa Rosa, California; and Oxnard-Thousand Oaks-Ventura, California are the other metros that came over 20 percent.

Housing Affordability

Higher down payment is one of the factors contributing to the affordability crisis in the housing sector.

Data from the National Association of Realtors (NAR) show that in June, to afford a median-priced existing single-family home, a person had to make monthly payments of $2,303, which is almost double the $1,206 in payments from 2021.

Monthly payments now eat up more than a quarter of an individual’s income. To simply qualify for the home, the person needs to have an income of $110,544, up from $57,888.

A key factor making home loans expensive is mortgage rates, which have jumped from 3.01 percent to seven percent during this period.

In recent months, rates have declined from their peak in late October. The average 30-year fixed-rate mortgage rate was 6.35 percent for the week ending Aug. 29.

Sam Khater, chief economist at Freddie Mac, said mortgage rates declined in the recent week due to “expectations of a Fed rate cut.”

“Rates are expected to continue their decline, and while potential homebuyers are watching closely, a rebound in purchase activity remains elusive until we see further declines.”

Even when rates come down, high home prices could continue to be the norm, keeping housing costs elevated.

In a recent interview with The Epoch Times, Jessica Lautz, NAR deputy chief economist and vice president of research, said the organization was “forecasting that home prices will continue to grow based on the lack of inventory and demand for home ownership.”

A former top aide to New York’s Democratic Governor Kathy Hochul has been arrested Tuesday on federal criminal charges in a political bombshell. She is accused of acting as an undisclosed agent of China and the Chinese Communist Party. She’s been identified as Linda Sun, who had previously served as Hochul’s deputy chief for a year, following stints in other positions at the state government level.

The significant list of allegations includes that she worked to advance CCP interests in sate government, and in return received huge sums of money and oversaw the facilitation of millions of dollars in transactions connected to Chinese government business interests.

Perhaps most alarming is that she’s alleged to have on multiple occasions blocked the ability of representatives of the Taiwanese government from meetings with NY government officials. Her husband, Chris Hu, has also been arrested, implicated in the conspiracy.

The couple was arrested by the FBI at their posh Long Island home on Tuesday, estimated to be a house worth over $4 million, which has luxury cars in the garage, including a 2024 Ferrari.

The indictment states that while “acting at the request of PRC government officials and the [Communist Party of China] representative, Sun engaged in numerous political activities in the interests of the PRC and the CCP.”

She allegedly engaged in “blocking representatives of the Taiwanese government from having access to” the NY governor’s office. Sun is also accused of lobbying to successfully change Gov. Hochul’s messaging related to China and Taiwan. She even tried to facilitate an official trip of the NY governor to China.

Prosecutors say the couple laundered the proceeds of their alleged schedule to buy a $4.1 million home in Manhasset, Long Island, a $2.1 million condominium in Honolulu, and luxury automobiles that include at 2024 Ferrari. —CNBC

“As alleged, while appearing to serve the people of New York as Deputy Chief of Staff within the New York State Executive Chamber, the defendant and her husband actually worked to further the interests of the Chinese government and the CCP,” U.S. Attorney Breon Peace announced Tuesday.

“The illicit scheme enriched the defendant’s family to the tune of millions of dollars. Our Office will act decisively to prosecute those who serve as undisclosed agents of a foreign government,” he added.

NY Governor Hochul’s Deputy Linda Sun demanding “equity” in the US.

Turns out, she was a Chinese spy.

pic.twitter.com/aQBGCdkJza

— End Wokeness (@EndWokeness) September 3, 2024

Other ‘benefits’ received from the Chinse government included employment from the Chinese government given to Sun’s relatives, luxury high-end meals delivered to her parents in China, event tickets, and the promotion of a family friend’s business. A list of the key charges against her include:

• violating and conspiring to violate the Foreign Agents Registration Act
• visa fraud
• alien smuggling
• money laundering conspiracy

Her husband Chris has been charged with the following violations:

• money laundering conspiracy
• conspiracy to commit bank fraud
• misuse of means of identification

The governor’s office has immediately tried to distance Hochul from Sun, even though it looks like her deputy chief of staff was highly influential:

Hochul’s press secretary Avi Small, in a statement to WNBC News 4 in New York City, said, “This individual was hired by the Executive Chamber more than a decade ago.”

“We terminated her employment in March 2023 after discovering evidence of misconduct, immediately reported her actions to law enforcement and have assisted law enforcement throughout this process,” Small said.

BREAKING: Former aide to New York Gov. Kathy Hochul charged with acting as an agent of the Chinese government.

Former deputy chief of staff to Hochul Linda Sun was charged with alien smuggling and money laundering conspiracy.

She was also charged with conspiring to violate the… pic.twitter.com/urz9c9nvm6

— Collin Rugg (@CollinRugg) September 3, 2024

Apparently the investigation has been on for some time, given Sun’s high level position in Hochul’s office began in September 2021. She had held a series of positions in the state government from 2012 to 2023. She had also held a staff position in the administration of former Governor Andrew Cuomo. Her latest position was as Deputy Director of the New York State Department of Labor.

By Mish Shedlock

China is going all in on exports to revive growth led by EVs. Trump vows to strike back with 60% tariffs.

Accelerated Global Trade War

The Wall Street Journal comments China Is Starting a New Trade War.

China is cranking up its massive export machine again, and this time there’s nowhere for competitors to hide.

A Massachusetts startup called CubicPV bet on silicon wafers, a high-tech component in solar panels. Buoyed by President Biden’s climate legislation enacted two years ago, with billions of dollars in tax credits and government loans, CubicPV announced plans in late 2022 for a $1.4 billion wafer plant in Texas.

Since then, China has nearly doubled its output of silicon wafers, way more than it needs. The extra wafers had to go somewhere—and they went overseas, pushing prices down by 70%. CubicPV had to halt its production plan early this year, putting engineers and other employees out of work, citing “a distorted market as a result of China’s overcapacity.”

The European Union’s recent decision to impose tariffs on imported Chinese electric vehicles is only the latest sign of deepening tensions. The U.S. earlier this year hiked levies on Chinese steel, aluminum, EVs, solar cells and other products. Turkey has jacked up duties on Chinese EVs, while Pakistan raised tariffs on Chinese stationery and rubber.

Chinese leader Xi Jinping ordered officials to double down on the country’s state-led manufacturing model, with billions of dollars in fresh subsidies and credit. He used a slogan to make sure officials got the message: “Establish the new before breaking the old,” or xian li hou po in Chinese.

China has added capacity to produce some 40 million vehicles a year, even though it sells only around 22 million at home. It’s on track to make around 750 gigawatts of solar cells this year, despite only needing 220 gigawatts domestically in 2023. And it is expected to account for 80% of the world’s new supply this year in basic chemicals such as ethylene and propylene, used to make garbage bags, toys and cosmetics—even though prices in China have been falling for 19 months, a sign of oversupply.

The International Trade Commission, a federal agency that analyzes trade issues, in June gave its initial go-ahead to an antidumping petition backed by American solar manufacturers who allege solar cells and modules made by Chinese companies are sold in the U.S. for below market value and unfairly subsidized.

Other parts of the world are bearing more of the brunt. European automakers have axed more than 10,000 jobs as more Chinese EVs arrive. Antonello Ciotti, chairman of PET Europe, a trade association for European makers of chemicals used in polyester fibers for clothing and recyclable containers, said European PET producers shed hundreds of jobs as firms slashed costs and production to deal with Chinese imports. The EU late last year imposed antidumping duties on certain imports of Chinese PET.

“Everybody makes stuff in China,” said Joerg Wuttke, former president of the European Chamber of Commerce in China and now a partner at Washington consulting firm DGA Group. “But nobody makes money.”

Two Guiding Principles

Two principles have guided Xi’s thinking, Chinese policy advisers say. The first is that China must build an all-encompassing industrial supply chain that can keep the domestic economy running in the event of severe sanctions by the U.S. and other Western countries. In the top leader’s views, advisers say, industrial security sits at the core of China’s stability as tensions with the developed world rise.

The second is a deep-rooted philosophical objection to U.S.-style consumption, which Xi sees as wasteful.

China’s first fear is well founded in reality. US sanctions on chips and AI technology have forced China to go it alone. It’s a US mistake to think it can cut off China from leading technology.

Should the US succeed, China would and could cut the supply or rare earth minerals the US needs to make phones, missile guidance systems, EVs, wind turbines, and advanced chips.

What About Dumping?

China is on track to make around 750 gigawatts of solar cells this year, despite only needing 220 gigawatts domestically in 2023.

But the US grows more corn and soybeans than it can eat.

If every country produced only what it could consume, global trade would be zero.

China has access to minerals needed to make solar panels and batteries for EVs. To meet energy goals, the US should be thrilled to get cheap solar panels.

But to save a few hundred jobs (that vanished anyway), Biden upped tariffs and mandated installers use US-made panels.

Another Green Energy Company Declares Bankruptcy

On August 10, I commented Another Green Energy Company Declares Bankruptcy, Thank Biden’s Tariffs

The attempt to force production of solar panels in the US resulted in prices so high that few wanted them.

No only did production vanish so did installation jobs.

Eh Tu Canada?

Reuters reports Canada to Impose 100% Tariff on Chinese EVs, Including Teslas

Canada, following the lead of the United States and European Union, said on Monday it will impose a 100% tariff on imports of Chinese electric vehicles and announced a 25% tariff on imported steel and aluminum from China.

“What is important about this is we’re doing it in alignment and in parallel with other economies around the world,” Trudeau said on the sidelines of a three-day closed-door cabinet meeting in Halifax, Nova Scotia.

Undaunted, China is accelerating production of EVs.

Ford Cancels Plans for Electric SUV, Expects a $1.9 Billion Loss

Please note Ford Cancels Plans for Electric SUV, Expects a $1.9 Billion Loss

Say goodbye to a vehicle that never should have been conceived in the first place. Customers don’t want it.

Huge losses are exactly what one should expect when government rather than customers drive business decisions.

Despite huge subsidies, Ford still cannot make ends meet on EVs.

Yet, due to government coercion, Ford is forced to try, try, and try again. If and when Ford succeeds, it will have more production capacity than it needs because EVs have less parts and are easier to build.

At least $5 billion, and just for Ford alone, is now a sunken cost for an EV schedule that never should have been attempted.

Thank you President Biden, AOC, Elizabeth Warren, and everyone else who created this mess.

J.D. Vance’s Knockoff Theory of Manufacturing

The Wall Street Journal author Allysia Finley comments on J.D. Vance’s Knockoff Theory of Manufacturing

J.D. Vance isn’t weird, but his ramblings on economics are. The senator earlier this year dismissed economics as “fake” in a rant about modern refrigerators. He expounded at a rally last week in Henderson, Nev.: “We believe that a million cheap knockoff toasters aren’t worth the price of a single American manufacturing job.”

Pace Mr. Vance, U.S. manufacturing jobs aren’t leaving for China. They are shifting from the Rust Belt, Northeast and West Coast to Sunbelt states such as Nevada, Arizona, Texas and Florida, which have young and growing workforces, cheaper energy, lower taxes, right-to-work laws and proximity to trade partners, especially Mexico.

It’s true that U.S. manufacturing employment has declined since the start of the century. Mr. Vance blames China’s entry into the World Trade Organization, which gave Beijing increased access to the U.S. market. But that’s only part of the story. Technology also increased labor productivity, enabling manufacturers to produce more with fewer employees.

The combination of cheap Chinese imports and more efficient U.S. manufacturing kept prices down and increased Americans’ purchasing power. In the two decades before the pandemic, prices for clothes, furniture, appliances, toys and televisions declined, often sharply.

Twenty years of falling prices lifted living standards for tens of millions of Americans. Some 90% of American adults own a smartphone, and nearly the same percentage have air-conditioning in their home. Most who don’t have AC live in the North, where they rarely need it. More than 80% of homes have washers and dryers, and about a third have two refrigerators.

Americans are better off owing to millions of cheap toasters, smartphones, refrigerators and washing machines. But what about manufacturing workers who lost their jobs because of them? Such is the march of progress, from the invention of the cotton mill to the modern assembly line. Americans have long adapted by moving or finding other work.

Cheap labor isn’t the reason manufacturers are building new factories in the Sunbelt. Wages for manufacturing workers in Texas now rank among the highest in the country. Instead, they are foremost seeking a business-friendly environment, something China increasingly lacks, and a large pool of industrious workers who can pass a drug test.

Mr. Vance’s toaster line may win some votes, but his prescription for higher tariffs won’t bring back Midwest manufacturing jobs.

Someone gets it. Thank you Allysia Finley.

Massive Failure of Sanctions

On September 4, 2023, I noted US Sanctions Fail Again, China Now Produces Its Own Advanced Computer Chips

Trump and Biden both tried to cut off China’s supply of advanced microchips. The US wanted to knock Huawei out of the 5G market. Now, instead of China using US chips, it is producing its own chips.

China is far behind the US in chip technology. However, it is doing much better than the US expected.

China is producing some chips that the US dis not want China to have at all.

February 19, 2024: US Impounds Thousands of German Vehicles Over One Tiny Part Made in China

The US Blacklisted Xiaomi

On May 21, 2024 I commented  The US Blacklisted Xiaomi Three Years Ago Now it Makes EVs

Just three years ago, the Chinese company Xiaomi decided to build cars. It succeeded where Apple failed.

The US forced Xiaomi into a new sector after the U.S. government blacklisted it in January 2021 for what it said were ties to China’s military.

Attempt to Prohibit China’s Access to AI

On August 26, I commented China Gains Secret Access to Nvdia Microchips by Renting Computers

The US has blocked export of Nvdia chips to China. But where there’s profit, there’s a way.

Reason for the US failure goes back to my September 19, 2023: Lesson of the Day: Sanctions Don’t Work Because They Create New Markets

It is the best interest of middlemen in Greece, Russia, India, China, and Dubai to tell Biden to go to hell, so they do.

Critical Materials Risk Assessment by the US Department of Energy

Please consider a Critical Materials Risk Assessment by the US Department of Energy

The US Department of Energy has placed some of the rare earth minerals we need for weapons systems, windmills, batteries, and aircraft on a critical materials list.

Nearly all of them are mined or refined in China. Yet Biden just blocked production in the US.

Shades of Smoot Hawley and Global War Threats

Trump has threatened to escalate a global trade war against not just China, but the whole world with a 60 percent tariff on China and 10 percent on everyone else. He believes tariffs can replace the income tax.

It would be the biggest trade war since the 1930 Smoot-Hawley Tariff Act worsened the Great Depression. China could respond by cutting off US access to rare earth minerals. The word is on a collision course with China no matter who wins in November.

When trade ends, wars start.

Major Lebanese news outlet Almayadeen is reporting that Turkish citizens in Izmir plan to keep protesting against the American military until the US Navy warship USS Wasp departs Izmir’s port.

The USS Wasp is in regional waters to as part of efforts to “deter potential threats to Israel” amid the Gaza war, and as the potential for escalation with Hezbollah and Iran looms. “Protesters have issued a firm warning to the Izmir Governorship, stating they will remain at the port until the ship departs,” Almayadeen writes. “They also condemned the United States for its role in causing suffering and violence in Iraq, Syria, and the broader West Asia region.”

Anti-Israel sentiment in Turkey has exploded since the Gaza war kicked off ten months ago. Outrage is being directed at Washington for being Tel Aviv’s biggest military backer and supporter.

Even American military personnel have been directly targeted, despite Turkey being a NATO ally and playing host to US bases, as was seen with Monday’s dramatic events where on the streets of the southern city of Izmir US Navy and Marine service members were brutally assaulted, though they managed to escape to safety when local police intervened.

The US troops had been on weekend liberty after the USS Wasp amphibious ship docked there, and the incident included a Turkish mob from a hardline nationalist political party throwing a bag over the head of one soldier, which several angry men briefly detained while shouting “Yankee go home!” – as we detailed previously. The protesters’ complaints hearken all the way back to the US invasion of Iraq – they’ve charged Washington with being an imperial power which frequently attacks the people of the Middle East. The US military is also currently supporting the Syrian Kurds, which are hated by Turkey.

Mass protests have taken place in Izmir, Turkiye, demanding the expulsion of an American warship that docked in the city’s port.

“American soldiers, whose hands are stained with the blood of our soldiers and thousands of Palestinians, cannot defile our country. Every time you… pic.twitter.com/M9bWfOZz9K

— The Palestine Chronicle (@PalestineChron) September 3, 2024

It appears that the group of US personnel in civilian clothes had been in the same vicinity as the anti-American protests, and that’s when the assault started:

On Monday night, Turkish political groups assembled at the entrance of Izmir Port to voice their objections to the arrival of the USS Wasp, a US naval ship sent to support Israel. 

Protesters, waving Palestinian flags and holding banners with messages like “Our country’s ports cannot be supply and logistics points for murderers” and “We do not want the US ship that brings war and death to Palestine in Izmir,” chanted slogans such as “Down with Israel,” “Down with NATO,” and “Down with USA.” They demanded the immediate departure of the American warship from Izmir Port while commemorating Palestinians who have died in the US-backed war on Gaza.

#USSWasp, the US warship tasked with protecting #Israel, anchored in #Izmir Port. We raise our voice against the anchoring of the warship of the US army, which brings war and destruction to #Palestine and the Middle East, in our country! #YankeeGoHome! pic.twitter.com/TXXC9ouNjU

— TKP International (@tkpinter) September 2, 2024

The USS Wasp carries an estimated 1,500 soldiers, and likely all liberty visits to town have now been restricted. The US Sixth Fleet later confirmed that two US Marines were attacked in the incident.

Additionally five other US soldiers sprinted to the scene in an effort to intervene, despite the large irate mob. The Americans were taken to a local hospital and evaluated but were not injured in the incident.

The moment of the assault…

American soldiers were attacked by a mob of Turkish terrorists in Turkey.

The soldiers were on duty on the USS Wasp.

This is the “ally” you were praising, @JeffFlake @USEmbassyTurkey?

Stop kissing Turkey’s behind and accept the reality, Turkey doesn’t like you.

Sanction… pic.twitter.com/OQtPym4Lhq

— Diliman Abdulkader (@D_abdulkader) September 2, 2024

Turkish activists and political groups are camped out at the port of Izmir, saying they will stay until the USS Wasp departs. They are trying to force its early exit…

İzmir Limanı’nda onur nöbetindeyiz. #USSWasp bu limandan gidecek!

📢 Tüm yurtseverlere çağrımızdır. Gelin birlikte ABD’yi ülkemizden kovalım #YankeeGoHome pic.twitter.com/ayW4O8fOWb

— TKP (@tkpninsesi) September 3, 2024

Turkiye Youth Union (TGB), which is the youth branch of the nationalist opposition Vatan Party, declared that the soldiers were attacked because they have “blood” on their hands.

“US soldiers who carry the blood of our soldiers and thousands of Palestinians on their hands cannot dirty our country. Every time you step foot in these lands, we will meet you the way you deserve,” TGB said in the aftermath.

Authored by Ken Silva via Headline USA,

The Tennessee Star released on Tuesday the purported manifesto of Nashville school shooter Audrey Hale, who killed three 9-year-old children and three adult staff members at the Covenant School on March 27, 2023.

Much of the material in Hale’s 90 pages of writings has already been reported, including her rantings about her gender.

“So now in America, it makes one a criminal to have a gun or, be transgender, or non-binary,” Hale wrote in one journal entry. “God I hate those s***head politicians.”

Michael Patrick Leahy, editor-in-chief of The Star, said on Tuesday that he’s releasing the entire document for the public to see.

Nashville shooter Audrey Hale’s full ‘manifesto’ was released today. I didn’t see much new when I scanned it briefly. Hale did view Columbine as an inspiration, hated her dad, and had fantasies of anal sex w/ a ‘young brown girl w/ a big ass’ pic.twitter.com/bfHczmydoz

— Ken Silva (@JD_Cashless) September 3, 2024

“We legally obtained this handwritten journal – which we refer to as The Covenant Killer’s 2023 Journal to distinguish it from the many journals written by Hale prior to 2023 – in early June of 2024 from a source familiar with the MNPD investigation,” Leahy said.

“We have had a First Amendment right to publish these unredacted documents from the moment we legally obtained them.”

Leahy did say that he hesitated to publish the documents after he was threatened with contempt proceedings by NashvilleJudge I’Ashea Myles, who has ruled that the materials should be kept secret.

“This ‘Sword of Damocles’ has been held over my head by Judge Myles since June 17, 2024, and we have held off on publishing The Covenant Killer’s 2023 Journal, in part, until our legal defense financial resources have reached a sufficient level such that I can hire counsel to represent me in the event Judge Myles seeks to resurrect this false claim against me,” he said.

The Star has an appeal pending against Myles’ ruling.

According to Myles’s July ruling, the evidence held by law enforcement includes more than 100 gigabytes of data—far more evidence than her 90-page manifesto.

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

The Philadelphia Eagles have disavowed guerilla art street posters claiming that Kamala Harris is the “official candidate” of the team.

The posters, which have been spotted on 16th and Spring Garden streets, 18th Street and JFK Boulevard, and 34th and Walnut streets in Philadelphia show Harris holding a football while wearing a black Philadelphia Eagles jersey and Eagles helmet.

And while we’re sure Harris owns some knee pads, the team says they had nothing to do with the creation, calling the posters “counterfeit political ads” that they’re working to remove.

We are aware counterfeit political ads are being circulated and are working with our advertising partner to have them removed.

— Philadelphia Eagles (@Eagles) September 2, 2024

And there it is…

BREAKING: The Philadelphia Eagles just issued a statement rebuking the “counterfeit” Kamala Harris ads that have been put up in the city using their name. They’re actively getting them REMOVED as we speak

They say the city of Philly somehow worked with someone to put them up. We… pic.twitter.com/KVSBxyABTX

— George (@BehizyTweets) September 2, 2024

The city told CBS News Philadelphia the following: 

“A number of illegally placed posters of Kamala Harris and the Philadelphia Eagles were placed in bus shelters in Philadelphia. These were not digital ads placed by the Harris campaign, the Philadelphia EAGLES, SEPTA, The City of Philadelphia or the media agency, Intersection, that handles the transit ad space. This was not a digital breach; whomever is responsible for the illegally placed posters, broke into the securely covered shelter ad space and somehow put the posters in the space. Intersection has advised the City’s Office of Transportation and Infrastructure Systems (OTIS) that they plan to conduct a full inventory tomorrow of all bus shelters, and remove any illegally posters. The City has a process to review all bus shelter ads but this, again, was not a digital ad.”

According to the report, citing social media, the work is from artist Winston Tseng – who has created previous faux ads for major brands. 

 

 

 

 

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That said, some people aren’t so sure it wasn’t a rogue marketing campaign from the Eagles.

BREAKING:

🚨🚨🚨🚨

Following my expose of Christian Molnar’s X post last night in which he attacked a man for covering up the pro Kamala Harris @Eagles ad, in which I highlighted that he admitted the posters were in fact official ads despite the @Eagles claiming they were… https://t.co/UP9plgTrhH pic.twitter.com/o187ujftG6

— Laura Loomer (@LauraLoomer) September 3, 2024

By Irina Slav of OilPrice

The Yemeni Houthis reportedly hit two tankers in the Red Sea on Monday, one of them Saudi-flagged.

According to a Reuters report citing U.S. military sources, which said one of the targets hit on Monday was a Panama-flagged vessel named Blue Lagoon I and the other was Saudi-flagged Amjad. The Houthis took responsibility for the Blue Lagoon I hit, Reuters reported, but made no mention of the Saudi-flagged vessel.

Yesterday, the Houthis targeted the Saudi oil tanker “Amjad”, which was loaded with two million barrels of crude oil and was heading from Ras Tanura in Saudi Arabia to Ain Sokhna in Egypt. The map below shows the location of the ship about an hour ago according to kpler, which… https://t.co/FJSfbelnvT

— Anas Alhajji (@anasalhajji) September 3, 2024

According to an AP report, Blue Lagoon I had been traveling to an undisclosed location from the Russian port of Ust Luga, broadcasting that it carried Russian crude on board. The Houthis had previously said they would not target Russian or Middle Eastern ships.

There was no major damage to either of the tankers, which were close to each other when they were hit. Both were able to continue on their way after the strikes. The Saudi-flagged vessel has a capacity for up to 2 million barrels of crude while Blue Lagoon I can carry up to 1 million barrels.

The AP cited the Joint Maritime Information Center, a unit set up to track the Houthis’ activity in the Red Sea and led by the U.S. Army, as saying that the Blue Lagoon I tanker “was targeted due to other vessels within its company structure making recent port calls in Israel.”

“These reckless acts of terrorism by the Houthis continue to destabilize regional and global commerce, as well as put the lives of civilian mariners and maritime ecosystems at risk,” the U.S. Central Command said, as quoted by the AP.

The Houthis have been targeting vessels passing through the Bab el Mandeb strait since last November in reaction to Israeli bombings of Gaza. Initially, the group said it would only target Israeli ships and those sailing under flags of Israeli allies but it has since expanded its campaign. An attempt by the U.S. and some European allies to put an end to the attacks has so far failed to produce any results.

*   *   *

The Houthis have targeted more than 80 merchant ships with missiles and drones since Israel’s war on Hamas in Gaza started in October. This continued turmoil in the Red Sea shows how the West’s “credibility and deterrence” is quickly eroding. 

Where is the rightful outrage from environmentalists? Thousands of tons of crude oil will now pour into the Red Sea.
This is a clear sign of the collapse of American credibility and deterrence. Letting the Iranian proxy Houthis shut off a major maritime seaway is an epic fail.… https://t.co/ThmzZ5FAED

— ErikDPrince (@realErikDPrince) August 24, 2024

Given the increasing risks in the southern Red Sea and one of the world’s critical maritime chokepoints, oil markets are ignoring and instead focusing on weak China data. 

“Brent/WTI heavy down 2% … following through on weak China data, OPEC headlines last week …. despite Libyan export halt. Timely call this Thursday after GIR lowered Brent range to $70-85 last week,” Goldman’s Ryan Novak told clients this AM. 

Just four months after Goldman analysts warned clients that copper markets were “moving into extreme tightness,” the bank has now exited its long-term bullish position on the base metal and slashed its 2025 price forecast by nearly $5,000. This seismic shift comes amid overwhelmingly weak economic data from China this summer and elevated levels of refined copper production being exported from the world’s second-largest economy into global markets.

“Copper rally delayed. In copper we’ve observed significant price elasticity of both supply and demand this summer. As a result, the sharp copper inventory depletion we had expected will likely come much later than we previously thought,” Goldman’s Samantha Dart and Daan Struyven wrote in a note to clients at the start of the week. 

The analysts delayed their end-2024 copper target of $12,000 a ton to post-2025, implying a 2025 copper forecast of $10,100 a ton, still above current prices on the London Metal Exchange of around $9,200 but below previous estimates of $15,000. 

Dart commented on the depressing economic data out of China this summer, showing sliding demand for the base metal as an economic recovery never really lifted off. 

“In copper, China inventories, which typically draw from 2Q, built instead, as a result of a price-driven YoY decline in apparent China demand. From a macro perspective, China’s July data were disappointing , with our GS China Current Activity indicator showing only 3.6% annualized growth in the month, well below the Government’s target of “around 5%”. With China typically responsible for 2/3 of commodities demand growth before the pandemic, we believe it’s challenging to build significant deficits in these markets without strong China demand.”

Here’s more from the analysts on what they say will be a “copper rally delayed”: 

In copper we’ve observed significant price elasticity of both supply and demand when prices spiked this past spring. Specifically, refined copper production remained elevated despite mine supply issues in key copper producing countries. On the demand side, China apparent copper consumption dropped YoY in March and deepened that drop into early summer. As a result, even with China end-user) green metals demand realizing stronger than we expected, China copper inventories built in 2Q24, in sharp contrast with seasonal trends and the copper inventory depletion we had previously expected for 2024. As a result, and given the continued weakness in China’s property sector, we believe that copper inventory depletion – and its accompanying price rally – will likely come much later than we previously thought. Accordingly, we delay our end-2024 copper target of $12,000/t to post-2025, a timing closer to our expected peak in global copper mine production. This implies an average 2025 copper forecast of $10,100/t, still well above this year-to-date’s $9231/t, but significantly below our previous $15,000 expectation.

Further, given rising global visible copper inventories summer to date and the ongoing China growth concerns, we take this opportunity to close our long-standing long copper trading recommendation with a potential gain of 41% and will look to potentially re-open this trade at a later time. We maintain our structural view that green metals demand growth and the long-cycle’s nature of copper supply, along with its declining investment, will ultimately set the stage for inventory depletion and, hence, scarcity pricing.

In mid-May, around the time LME copper prices hit nearly $11,000 a ton, Jeff Currie, who led commodities research at Goldman Sachs for nearly three decades and now serves as the chief strategy officer of the energy pathways team at Carlyle Group, said the copper trade was the best he has ever seen in his entire career. 

The premise behind the copper trade was expected deficits due in part to the rapid shift towards electrification, whether that’s electric vehicles and data centers powering artificial intelligence, as well as reshoring manufacturing trends. Plus, there were concerns about sliding mine supplies.

By late July, as LME copper prices slipped below $10,000, Goldman analyst Adam Gillard suggested that a “surplus market” could pressure prices of the base metal lower. At the time, we noted the all-important multi-month ascending trend line in copper’s chart was broken.

Also, this was around the time when the market started getting spooked by China exporting copper deflation to global markets.

LME Asia copper inventories have surged to the highest levels since 2016. 

Goldman’s shift in ultra-bull view on copper markets follows China’s ongoing property downturn and mounting domestic challenges to reignite an economic recovery as hard-landing fears remain elevated.