The efforts of the Wall Street pundits and financial class to talk the American consumer into creating a recession is failing. The Consumer Confidence Index remains at historic highs as U.S. workers/consumers are confident in their economic position. Yes, Main Street USA is optimistic about current and future expectations.

The Consumer Assessment Index, a measure of the percentage of consumers claiming business conditions are “good”, increased from 39.9 percent to 42.0; and the Present Situation Index is now at its highest level in nearly 19 years (Nov. 2000, 179.7).
These are all key indicators because the U.S. consumer is the engine of our economy.  The U.S. consumer generates over two-thirds of our GDP activity through purchases.  One of the strengths of the U.S. economy is our internal self-sufficiency; approximately 80 percent of all consumer goods created in the U.S. are purchased in the U.S. by U.S. consumers [we are not reliant on exports to sustain growth].
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Against a backdrop where people are beginning to questions the cognitive capabilities of the former Vice-President, and current democrat presidential candidate, Joe Biden; the candidate tells a campaign audience he was “not going nuts“….  WATCH:

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This latest “I’m not nuts” campaign slogan might explain the recent Monmouth University Poll which shows a massive collapse of support for the former VP.

Monmouth – The poll finds a virtual three-way tie among Sanders (20%), Warren (20%), and Biden (19%) in the presidential nomination preferences of registered Democrats and Democratic-leaning voters across the country.
Compared to Monmouth’s June poll, these results represent an increase in support for both Sanders (up from 14%) and Warren (up from 15%), and a significant drop for Biden (down from 32%).

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The stakes are high at this G7 Summit in Biarritz France.  Against the rising tide of populist nationalism -pushing against the globalist/corporatist world order- perhaps these stakes are the highest in the modern political era.

(Where are the spouses?)

Italian President Giuseppe Conte’ is a lame duck summit participant having just quit his job due to economic and immigration backlash from his Italian population.  German Chancellor Angela Merkel has steered her export dependent economy into a recession; and has announced she won’t seek reelection while simultaneously putting the EU central bank into a 28 nation economic quagmire filled with unsustainable IOU’s….
French President Emmanuel Macron, the host for this year’s summit, has spent the better part of the last year trying to violently block the rising yellow vest populist movement, and he is desperate for any distraction away from his own economic reality.
Meanwhile EU President Donald Tusk is locked in an economic death match with British Prime Minister Boris Johnson over the terms of the U.K. Brexit from the union; while simultaneously dealing with a lack of tax receipts from the aforementioned banks of Germany and France…
The EU’s only North American ideological ally, Justin from Canada, is essentially useless. Trudeau has used his political self-identification to hurt his own citizens economically;  Canada is experiencing a continued loss in private-sector employment amid the malaise Justin coordinates; and his tenuous (at best) re-election is scheduled for October 21st…
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Former FBI Director James Comey (aka participant “Z”) and former FBI Deputy Director Andrew McCabe (likely participant “Y”) deliver responses to CNN about claims made by Overstock founder and former CEO Patrick Byrne.
Mr. Byrne claims he was recruited by FBI agents to conduct a counterintelligence operation and cultivate a relationship Russian national Maria Butina. [Full Backstory]
Mr. Byrne further alleged that top officials in the Obama administration, including James Comey, Andrew McCabe, Bill Priestap and John Carlin were involved in various aspects of the overall operation; which included FBI requests to Byrne which were carried by FBI Special Agent Peter Strzok to lower level FBI agents.
According to the responses presented by CNN, James Comey and Andrew McCabe deny ever participating in instructions to Mr. Byrne to engage in a “romantic” relationship with Maria Butina:

(Via CNN) […] Reached Thursday evening by CNN, Comey called Byrne’s claim “ridiculous.” “The FBI doesn’t work that way,” Comey said.

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President Trump has announced the raising of tariffs on China effective Sept 1st and October 1st, 2019.  This is one arrow in a quiver filled with economic consequences:

• The preexisting 25 percent tariff on $250 billion in Chinese goods will increase to 30 percent effective October 1st, 2019.
• The pre-planned 10 percent tariff on $300 billion worth of Chinese goods will increase to 15 percent, effective September 1st, 2019.

This targeted tariff approach is only a small sample of the economic action that is available to President Trump.  There are a host of tools and targeted economic weapons available to President Trump that are far more damaging to Beijing.
This announcement also sends a clear message to the members of the G7 as they prepare for their meetings in France.
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Within the dynamic of the U.S -vs- China trade confrontation, CTH has long noted the Wall Street (globalist) multinationals would always go bananas.  There are trillions at stake and President Trump is confronting three decades of financial influence from Wall Street’s multinational corporate lobbyists.
To the angst of Wall Street, POTUS Trump tweets the dynamic.
President Trump will not back down from his position; the U.S. holds all of the leverage and the issue must be addressed.  President Trump has waited three decades for this moment.  Main Street U.S.A has waited for this moment.  This President and his team are entirely prepared for this battle…. Now we fight!

We are finally confronting the geopolitical Red Dragon, China!
President Trump has been brutally consistent for more than three decades on his intent and purpose with the Chinese.  President Trump is the first U.S. President to understand how the red dragon hides nefarious motives behind the panda mask.
Additionally, while carrying out the objectives of the confrontation, Secretary Mnuchin, Secretary Ross, Ambassador Lighthizer and adviser Peter Navarro are well aware of Beijing’s duplicitous panda mask; POTUS Trump will never let them forget about it.
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After railing against Fox News for hiring former Trump White House press secretary Sarah Huckabee Sanders, CNN announced a corporate decision to hire former FBI deputy director Andrew McCabe as a contributor.  McCabe becomes the tenth FBI and/or CIA official hired by CNN.
McCabe was fired from the FBI for lying to investigators. [IG report on McCabe]

McCabe was also identified as the primary architect of the corrupt DOJ/FBI effort to impeach/remove President Trump.  No doubt CNN and McCabe will use this platform as a way to defend the corrupt Obama DOJ and FBI officials from any damaging releases within the pending Inspector General report on FISA abuse.
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Earlier today China’s commerce ministry said it will impose additional tariffs on thousands of U.S. products, including agricultural products, crude oil, small aircraft and cars. Tariffs on some products would take effect on Sept. 1 and others on Dec. 15.
The Wall Street multinationals are exposed to significant losses because of their investments in China.  White House trade and manufacturing policy advisor Peter Navarro appeared on Fox Business with Maria Bartiromo to discuss the dynamic.

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National Economic Council Chairman Larry Kudlow appeared on Fox Business today to discuss the current state of the economy.  Mr. Kudlow was questioned about several media reports surrounding discussions of new tax cuts, tax rate modifications and tax policy.
Additionally, Kudkow updates the latest position on the U.S-China trade discussion.

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According to the U.S. Department of Labor [data here] companies hiring American workers are not complying with the media “recession” narrative.   Yes, another day, and yet another data point reflecting the “unexpected” & continued strength of Main Street.

WASHINGTON (Reuters) – The number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 209,000 for the week ended Aug. 17, the Labor Department said on Thursday.
The decline was sharper than expected. Economists polled by Reuters had forecast claims would drop to 216,000 in the latest week.

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