Commerce Secretary Wilbur Ross appears with Charles Payne to discuss the latest economic data and the Q2 GDP release.  Within the interview Secretary Ross explains the information behind the data; the status of the USMCA and Pelosi’s motives to delay ratification; the baseline for the U.S-China trade discussions, and the position of the administration to advance the economic interests of the U.S. above all others.

The Bureau of Economic Analysis (BEA) has released the data for the second quarter of 2019.  The Q2 GDP growth rate of 2.1 percent beat all economic expectations, and highlights strong consumer spending throughout the U.S. economy.

The two primary drags on the Q2 release are also the most volatile: Export/Import contributions (-.65%), and Inventory contributions (-.86%) [table 2]. However, consumer spending was much stronger than anticipated (+4.3%) showing the internal strength of the U.S. labor market and the impact of wage growth which still exceeds 3.6 percent.

The inflation index is still low at 1.5 percent year-over-year, and highlights a point all economic pundits overlook.  With countries attempting to stop the impact of tariffs on their exports they are devaluing their currency (EU and China) and subsidizing their export industries (China).  This has the cumulative effect of lowering their price. As a consequence, and with a strong dollar, the U.S. is importing deflation.

The Fed can do nothing of substance to impact low price inflation because the causes are external to the U.S. economy.  CTH predicted this in 2016, and we stand by that assertion today because we now have almost three years of empirical data to prove it.

Wall Street wants bad news because Wall Street wants a lower fed rate.  As a direct consequence Wall Street’s multinational corporate media bias over the GDP data release is hilarious. The headline from NBC is typical: “Economic Growth Slows Less Than Expected in Second Quarter”….    Sometimes you just have to laugh.

When you boil it all down you see the same battle continues: Wall Street -vs- Main Street.

We are in the space of flux where President Trump’s economic policy and trade reset is favoring Main Street blue-collar workers and companies.

Another way to look at it is where the multinationals (Wall St) are Globalists and fighting the economic Nationalists (Main Street).  This really is the heart of the back-n-forth, and there are trillions at stake.

Right now the U.S. middle-class is driving the economy, bigly.  Meanwhile the investment class is trying to keep their old globalist process in place.  Wall Street wants the U.S. to be a “service driven” economy.  President Trump wants the U.S. to be a “balanced production” economy, with an expanding middle-class.

The Wall Street economy generates a wealth disparity; rich and poor with little room in the middle [a limited pie].  A Main Street economy closes the wealth gap by expanding the wealth of the middle-class through higher wages and opportunity [unlimited pie making].

Overall the 3.1% GDP growth in the first quarter and 2.1% GDP growth in the second quarter, puts us on track for typically stronger Q3 to generate a higher than 3.0 percent average.

All of the internals, measurable stats centered around Main Street, are excellent.  It is the externals, measurable stats centered around Wall Street multinational interests, that are weak.  This is exactly what we would expect to see as President Trump focuses on Main Street USA.

It is not a coincidence that the U.S. and Japan are the world’s two strongest economies as the dynamic of Globalists -vs- Nationalists continues.

Don’t forget to take your Winnamins!

President Trump called-in to Sean Hannity’s TV show tonight to discuss his perspective on the Robert Mueller testimony and current DC events.

The second quarter Gross Domestic Product growth result will be released tomorrow.  The Q2 GDP growth rate is historically the worst quarter of the year.  A growth rate higher than 1.5 percent will be a strong indicator the U.S. economy remains on track for a cumulative year of around three percent.

In the latest economic releases the orders for durable goods “unexpectedly” jumped in June [2 percent], again indicating the overall strength of the U.S. economy and strong consumer purchasing.  Additionally the trade in goods deficit “unexpectedly” declined 1.2 percent in June as more manufacturers “surprisingly” shift production back to the U.S, and domestic consumers are “unexpectedly” loyal to USA.

Every economic indicator is positive, and each series of released data shows the U.S. economy is increasingly strong.  Despite the empirical data, media reporting on economic forecasts continue to convey a negative slant disconnected from what is happening.

WASHINGTON (Reuters) – New orders for key U.S.-made capital goods surged in June, suggesting some improvement in business investment, but economic growth is still expected to have slowed sharply in the second quarter amid weaker exports and a smaller inventory build.

Still, the longest U.S. economic expansion on record remains supported by a strong labor market. Other data on Thursday showed the number of Americans filing claims for unemployment benefits dropped to a three-month low last week.

The economy has been hurt by the U.S.-China trade war and slowing growth overseas. These factors are expected to encourage the Federal Reserve to cut interest rates next Wednesday for the first time in a decade.

The Commerce Department said orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 1.9% last month after rising 0.3% in May.

Orders for these so-called core capital goods in June increased across the board, with demand for machinery rising by the most in nearly 1-1/2 years. Economists polled by Reuters had forecast core capital goods orders would gain 0.2% in June.

“The stronger-than-expected orders are a positive sign that business investment and manufacturing sector activity have not weakened substantially further following softness earlier in the year,” said Veronica Clark, an economist at Citi in New York.

Core capital goods orders rose 1.9% on a year-on-year basis. Core capital goods shipments, which are used to calculate equipment spending in the government’s gross domestic product measurement, increased 0.6% in June after advancing 0.5% in the prior month.

[…] Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, increased 2.0% in June, the most since August 2018, after declining 2.3% in the prior month. Unfilled orders fell for a second straight month. (read more)

President Trump has tweeted support for an American artist A$AP Rocky after Swedish authorities file formal charges which may result in a two-year prison term.

It seems remarkable that a street fight, which did appear to be validly self defense, could result in such a serious situation for this young American musician. President Trump has attempted to help the artist who remains in detention, and expresses disappointment in the status.

ABC News – Rapper A$AP Rocky was charged with assault in Sweden on Thursday over a brawl in the streets of Stockholm on June 30, according to prosecutors.

“I have today commenced criminal proceedings against the three individuals suspected of assault causing actual bodily harm, having come to the conclusion that the events in question constitute a crime and despite claims of self-defence and provocation,” said public prosecutor Daniel Suneson, of the City Public Prosecution Office in Stockholm.

“In reaching this conclusion, I have studied the videos made available to the inquiry,” he added. “It is worth noting that I have had access to a greater amount of material than that which has previously been available on the internet. In addition to video material, the injured party’s statements have been supported by witness statements.”

The rapper’s Swedish attorney Slobodan Jovicic reiterated his argument that his client was acting in self defense and told ABC News on Thursday that while the decision to charge him was “expected,” A$AP Rocky is in “disbelief” and feeling “very disappointed because now it is black and white.”

[…] The trial will take place July 30 and Aug. 1 and 2, the prosecutor’s office said. Suneson added that those who were injured in the fight will testify and that new footage of the assault will be played in court as well. Cameras are not allowed in court. A$AP Rocky faces a maximum sentence of two years in prison if found guilty. (more)

The U.S. worker initiative is one of the least discussed success stories in the landscape of MAGAnomics.  At the heart of the program is a new-era retraining program through a partnership between private companies and the education sector.  There are programs ongoing throughout the nation and it really is a remarkable success.

UPDATE: Video Added

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[White House] Today, President Trump, Vice President Pence, Advisor to the President Ivanka Trump and members of the Cabinet will host an event at the White House with workers and CEOs to celebrate the one year anniversary since the launch of the Pledge to America’s Workers.

Over the course of the last year, Ivanka Trump has spearheaded a call-to-action for States and the private sector to create new education and training opportunities to better serve the American worker and encourage private investment in workforce development. On the first day of this month, President Trump signed a proclamation for Pledge to America’s Workers Month, 2019 and over the past few weeks Administration officials have crisscrossed the country to more than 17 cities to encourage this critical workforce development investment.

The White House is thrilled to announce that since President Trump signed the Executive Order, more than 300 companies and organizations have signed the Pledge, contributing to over 12 MILLION new opportunities for American students and workers over the next five years. Included in that is a huge commitment announced by NAM today that they have signed the Pledge to offer training opportunities to 1.2 Million American workers.

The celebration event is a culmination of the year-long effort, intended to highlight workers’ stories and the role of the private sector in workforce development. Employees and CEOs of companies from around the country that have signed the Pledge to America’s Workers will be in attendance. Members of Congress and local legislators will also be participating in the event.

“Our mission is straightforward: to ensure inclusive growth and opportunity in our booming economy by creating pathways for all Americans, regardless of age or background, to acquiring the skills needed to secure and retain high-paying jobs,” said Ivanka Trump, Advisor to the President.

By the Numbers – As of July 25, 2019:
NEWS: Total # of Pledges (individuals impacted) – 12,730,505
-Total # of Companies/Associations – 335
-Total # of States – 35 states + the District of Columbia
-Total # of Governors – 37 Governors
-Total # of Countries – 12 countries + USA

{LINK}

Beautiful weather today in Virginia as President Trump and Vice President Pence participate in a military honors welcoming ceremony at the Pentagon to celebrate America’s new Secretary of Defense, Mark T. Esper.  [Video and Transcript Below]

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[Transcript] – THE PRESIDENT: Well, thank you very much to our great Vice President, and thank you to all of the extraordinary patriots here at the United States Department of Defense, the world’s largest building. I’ve heard for many years, the world’s largest building. And it’s under great leadership.

Your devotion, strength, and courage keep America safe, strong, and free. It’s because of you that the United States military is the most powerful fighting force on the face of the Earth.

I want to express our gratitude to the Old Guard and to all of the service members in today’s review for their extraordinary commitment to excellence and their unwavering loyalty to our nation. It is the greatest honor of my life to serve as your Commander-in-Chief.

Let me also recognize the incredible U.S. Navy Sea Chanters and the band for that beautiful rendition of our National Anthem. It was really beautiful, and thank you very much. Fantastic job. (Applause.) Thank you. Thank you.

We’re gathered here today to celebrate the swearing-in of America’s new Secretary of Defense, Mark T. Esper. Secretary Esper, your lifetime of noble service has prepared you for this immense responsibility. And that’s what it is: immense responsibility.

On behalf of our entire country, thank you and congratulations. Congratulations. (Applause.)

I have no doubt — I know you well — that you will thrive in the performance of your duties and make all Americans — everybody in this great country — all Americans very, very proud. They’re right now very proud, but they’re going to be even more so as time goes by. People love our country more than ever, and our country is respected again. Remember that.

I’m delighted that many members of your family could be here for this special occasion, including your wonderful wife Leah, your mother Polly, and your children Luke and Katherine. Thank you. Thank you very much. Congratulations to a great family. Thank you very much. (Applause.) Great family.

Also joining us are Acting Secretary Kevin McAleenan, Acting Administrator Chris Pilkerton, Director Dan Coats, representatives Kay Granger, John Rice Carter, and many members of the diplomatic corps.

With us, as well, are many distinguished military leaders: Vice Chairman of the Joint Chiefs of Staff, General Paul Selva. Where is Paul? Paul? Paul.

Acting Secretary of the Army Ryan McCarthy. Ryan? Hi, Ryan. Stand up, Ryan. You’re doing a great job. (Applause.) You’re filling big shoes, Ryan.

Acting Secretary of the Air Force Matthew Donovan. Thank you very much. Thank you, Secretary. (Applause.)

Acting Secretary of the Navy Thomas Modly. Thank you, Thomas. Great. (Applause.)

Army Chief of Staff, General Mark Milley. Mark? Thank you, Mark. (Applause.) Congratulations to Mark.

Coast Guard Commandant, Admiral Karl Shultz. Thank you, Admiral. (Applause.)

Marine Corps Commandant, General David Berger. General, thank you very much. (Applause.) Air Force Chief of Staff, General David Goldfein. General, thank you very much. (Applause.)  And Chief of Naval Operations Admiral, John Richardson. Thank you all. Thank you, Admiral. (Applause.)

Over many decades, in times of war and peace, Mark Esper has answered the call of duty. He’s never failed. He hails from Uniontown, Pennsylvania — the hometown of his personal hero, the legendary former Secretary of Defense and a great one, George Marshall.

Mark attended the United States Military Academy at West Point. Graduated in 1986, receiving a commission in the infantry.

Soon, he earned his tab — Ranger Tab — and fought with the famed 101st Airborne Division in the Gulf War. He was awarded the Bronze Star and the Combat Infantryman Badge for his service. Brave guy. They all told me he was a brave guy. I knew that anyway.

In total, Mark served in our nation’s military for 21 years. He completed his final active-duty assignment right here at the Pentagon on the Army staff and then returned six years later as the Deputy Assistant Secretary of Defense for Negotiations Policy.

Over his career, Mark has advanced our national security in a variety of other government and private sector roles. He has worked in both houses of Congress, advising lawmakers. I can see he had some talent because he won — was it 98 to what? No, you got 90, right? Can you believe this? I don’t believe it. I heard a “Ninety.” Ninety to eight, right? (Applause.) I don’t know. I haven’t heard that sound in a long time, Mark. (Laughter.) Now I’m worried. Ninety to eight. Wow.

He served as Vice President of Raytheon. Along the way, Mark earned a master’s degree at Harvard’s John F. Kennedy School of Government and a PhD at George Washington University.

In 2017, Mark was sworn in as Secretary of the United States Army, a position in which he earned universal admiration and respect. Tremendous respect.

At the Department of Defense, Secretary Esper will work with more than 2 million service members and hundreds of thousands of civilian employees all dedicated to one critical mission: the defense of the nation and of this great nation’s people.

I have absolute confidence that Mark will ensure that our incredible military is fully prepared to deter conflict and to defeat any foe. No enemy can match the awesome might of the American Army, Navy, Air Force, Coast Guard, and the United States Marines.

We had a budget approved when I first came in. Billions and billions of dollars more than it was previously, in the previous administration: $700 billion. Then I went to $716 billion. And I won’t even tell you what this one is. I can only tell you it’s even more. Because we have rebuilt things that nobody ever even thought of rebuilding. We’ve added the greatest planes in the world, the greatest missiles in the world. We’ve upgraded our nuclear very, very powerfully, including new. We never want to have to use it. Pray to God that we never have to use it. But we have the best in the world in every aspect of military.

The sight of American warriors brings solace into the hearts of our friends and strikes fear into the hearts of our enemies. Our military today is more powerful, by far, than ever before. And three years ago, we could not have said that, could we, Mark?

We’re giving our warfighters the tools they need to fight and win with overwhelming force. After years and years of budget cuts and all of the things that they’ve been doing to set us back with our military, we have more than made up for all of it.

We’re building new tanks and ships and submarines and planes and missile systems to ensure that our warriors operate with unrivaled capability in conflict. Any battlefield will be a battlefield on which we win.

We have given our service members their largest pay raise in nearly a decade. And under this administration, we have faced the challenge of our time with clear eyes, fresh thinking, and bold determination.

Our first priority is always the safety and sovereignty of our nation and our citizens. Here at home, we have deployed military forces to confront the grave national security crisis on our southern border. And I want to thank all of the great military leaders for the help you’ve given us on our southern border.

And, as you know, Mexico has now deployed 21,000 troops, which is something they’ve never done before. And they’ve been a tremendous help. Tremendous difference in the numbers — very rapidly. And we want to thank the country of Mexico and the President.

No nation can be safe or secure that fails to control its borders. In Syria and Iraq, thanks to the bravery of our warriors and their allies, the ISIS territorial caliphate has been 100 percent and just absolutely destroyed. And we did it in a very quick moment of time. As soon as I said, “I want to do it and I want to do it fast,” our military kicked in and it happened very, very quickly.

Today, we stand not far from where terrorists attacked the Pentagon on 9/11, claiming 184 precious lives. We will never forget the immortal sacrifice of those American patriots. We vow to do whatever it takes to protect our homeland, to safeguard our people from the threat of radical Islamic terrorism, and to preserve American freedom.

Around the world, America faces new threats and strategic rivals, it seems like all the time. We have met this competition with unmatched confidence, purpose, and resolve. We talk to all of them and they talk to us with great, great respect. They respect our country so much more than they have for many, many decades. Right now, they respect us more than they have in many, many years. And it’s only going to get more so.

We are ensuring American dominance across every warfighting domain — land, air, sea, cyber, and now space. That is why, under Secretary Esper’s leadership, we will — as Mike and Mark have already said, but it’s so exciting to say. And whenever I make a speech, people start going wild. They stand up and they clap, and I can’t sit them down. And I have to wait because I say, “We’re launching the United States Space Force.” They go absolutely wild. They understand that’s where it’s going to be at. And we’re going to be there, and we’re going to be there in every way that you can.

As we aim ever higher, I know the men and women of this department will never let up and never rest easy. Together, we will fulfill our sacred mission to protect the greatest nation in the history of the world: the United States of America. With unyielding strength, we will defend our country, we will defend our people, and we will proudly defend our great American flag.

Secretary Esper, congratulations again to you and your family. This is an incredible day in the life and fabled history of the United States.

Secretary of Defense, do you ever see that, looking into — do you ever see that one? As I watch all of these great men and women — you’re going to do a great job, I have no doubt. Absolutely no doubt. (Applause.) No doubt.

We cannot wait to see all that you will achieve for our nation as the new Secretary of Defense. I want to thank everybody for being here. Very special people. God bless you. God bless our military. And God bless America.

Thank you very much everybody. (Applause.) Thank you.

END TRANSCRIPT –  12:10 P.M. EDT

Chopper pressers are the best pressers. President Trump stopped to talk to the assembled media as he departed from the South Lawn. The majority of questions and comments surround the Mueller testimony.  [Video and Transcript Below]

UPDATE: Transcript Added

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[Transcript] – Q Mr. President, what’s your reaction to the testimony?

THE PRESIDENT: So we had a very good day today. The Republican Party, our country — there was no defense of what Robert Mueller was trying to defend, in all fairness to Robert Mueller. Whether his performance was a bad one or a good one, I think everybody understands that. I think everybody understands what’s going on.

There was no defense for this ridiculous hoax, this witch hunt that’s been going on for a long time — pretty much from the time I came down on the escalator with our First Lady. And it’s a disgrace what happened. But I think today proved a lot to everybody. In fact, some of my biggest opponents wrote things today that I wouldn’t have believed they would have written, and I appreciate that they did that.

This has been a very bad thing for our country. And despite everything we’ve been through, it’s been an incredible two and half years for our country. The administration, our President — me — we’ve done a great job. We’ve got the strongest stock market, the best unemployment numbers, the most number of people ever working in the history of our country right now — almost 160 million. Our military has been rebuilt and getting even stronger.

We’ve done a great job, and we’ve done it under this terrible, phony cloud. A phony cloud; that’s all it was. And they should be ashamed of themselves. Absolutely ashamed. And you know who knew it was a phony cloud more than anyone else? It was Schiff and Nadler and Schumer and Pelosi — every one of them. They all knew it was phony stuff.

And if you look at the polls, the polls are showing it maybe more than anybody else or anything else. And I’ve had my best polls, and I don’t say why. But people see what’s gone on in our country with this whole thing. I’ve been going through it for three years — for three years — all the nonsense.

So this was a very big day for our country. This was a very big day for the Republican Party. And you could say it was a great day for me, but I don’t even like to say that. It’s great.

I’ll tell you what: I very much appreciate those incredible warriors that you watched today on television — Republicans — that defended something, and defended something very powerful, very important. Because they were really defending our country. More than anything else, they were defending our country. But they were warriors, and they’ve been warriors for a long time.

And everybody knew it was a hoax, especially the Democrats. I wish we could be a fly on the wall in those rooms where the Democrats would go in and talk before and after meetings, and they’d be laughing and smiling and say, “Can you believe that we’re getting away with this?” But, in the end, they didn’t get away with it.

Yeah.

Q Mr. President, Robert Mueller specifically testified that he did not exonerate you. Why do you continue to say that he does?

THE PRESIDENT: So, there is no such a thing. He didn’t have the right to exonerate. And, you know, it’s very interesting: People mention exoneration. That was something where he totally folded because he never had the right to exonerate. And it was covered very well by Congressman Turner and put to a conclusion.

We were — if you take a look at not only the report, beyond the report, take a look at not what he said but what he was forced to say. And even your networks and your network and your network and your net- — every one of these networks, they put up their hands. You know, we had a couple of cases with — actually, we had about six cases where they asked our people, our representatives’ television networks, “Please, don’t come in tonight. We’re not going to be doing much on it.” And the reason they’re not: because it’s over.

Go ahead.

Q Mr. President, sir, do you regret, sir — two questions for you. Are you concerned you could be indicted out of office? And do you regret talking so much about WikiLeaks, given Robert Mueller called that problematic?

THE PRESIDENT: So, WikiLeaks is a hoax, just like everything else. And all of those problems having to do with crime were the biggest hoax of all. It was a witch hunt. A total witch hunt. And when you saw Robert Mueller’s statement, the earlier statement, and then he did a recap, he did a correction later on in the afternoon. And you know what that correction was, and you still asked the question. Do you know why? Because you’re fake news. And you’re one of the most.

And let me just tell you, the fact that you even asked that question, you’re fake news. Because you know what? He totally corrected himself in the afternoon. And you know that just as well as anybody.

Kaitlan. Kaitlan.

Q He said your written answers were not “generally truthful.” What was not truthful in your written answers to the Special Counsel?

THE PRESIDENT: I don’t know whose answers weren’t. I guess his answers weren’t. Because if you look, the whole report — you take a look at what they did: Some of the things that he didn’t even know about; some of the things he didn’t even know what was going on.

But you know, in the end, what he did, he actually, probably, came through for himself. The performance was obviously not very good. He had a lot of problems. But what he showed more than anything else is that this whole thing has been three years of embarrassment and waste of time for our country. And you know what? The Democrats thought they could win an election like this. I think they hurt themselves very badly for 2020.

Q Did Donald Trump, Jr. — did your son, Donald Trump, Jr., speak with Robert Mueller?

THE PRESIDENT: Did I what?

Q Did your son, Donald Trump, Jr., speak with Robert Mueller?

THE PRESIDENT: I don’t know. I really don’t know.

Q How do you not know?

THE PRESIDENT: I never — I don’t know.

Yeah, go ahead.

Q Mr. President, are you concerned about what was said —

THE PRESIDENT: I mean, frankly, whether or not he did, it wouldn’t matter to me —

Q How would you not know?

THE PRESIDENT: — because he did nothing wrong. He did nothing wrong.

Q But how would you not know?

THE PRESIDENT: Because it’s so unimportant. It was always a very unimportant meeting. It was only important to the fake news.

Go ahead.

Q Mueller said you could be charged once you leave office.

THE PRESIDENT: No, he didn’t say that.

Q Yes, he did.

THE PRESIDENT: Again, you’re fake news. And you’re right at the top of the list, also.

Let me just tell you —

Q That is what he said, sir.

THE PRESIDENT: — go back to what — it’s not what he said. Read his correction.

Q That was not his correction. His correction was about exonerating you.

THE PRESIDENT: Read his correction.

Q It was about exonerating you. That was not about if you could be charged after you leave office.

THE PRESIDENT: If you read his correction, you’ll find out. That’s why people don’t deal with you because you’re not an honest reporter.

John.

Q Mr. President, do you believe that — there are some Democrats who are saying that Mueller’s testimony today could form the basis for an impeachment investigation? What do you say in response?

THE PRESIDENT: They are devastated. The Democrats lost so big today. Their party is in shambles right now. They’ve got the Squad leading their party. They are a mess — where even you take a look at scribe and you take a look at so many of the people that were the most outspoken, and they say this was a devastating day for the Democrats. And you know it, John, and everybody else knows it. This was devastating day for the Democrats.

Q Are you concerned, Mr. President, that after you leave office, you could be indicted?

THE PRESIDENT: No, no. A very dumb and very unfair question.

Q Why is that?

THE PRESIDENT: Because if you look at his correction, he took that totally out of play. He made his decision based on the facts, not based on some rule. So you shouldn’t even ask that question because you know it’s a phony.

Go ahead.

Q Do you think the Democrats are trying to (inaudible) and keep (inaudible)?

THE PRESIDENT: The Democrats had nothing, and now they have less than nothing. And I think they’re going to lose the 2020 election very big, including congressional seats, because of the path that they chose.

Now, who knows where it goes. From what I hear, they’re giving up. But I just say, I know them too well. They’ll never give up. They’ll go back into the room and they’ll try and figure something out. This whole thing has been — honestly, it’s been collusion. It’s been collusion with the media. It’s been collusion with other countries. This has been a disaster for the Democrats, and I think we’re going to win bigger than ever.

Now, I’m — I’m going to West Virginia, one of the great states. A state that’s doing — if you look at percentage up, I think it’s number one or number two in the country. And nobody would have believed that. West Virginia is doing great. So, I’m going to West Virginia.

We did have a big case today. You know, we won the asylum case in Washington which, frankly, you should be asking about that because that’s the real deal.

I can’t believe how nice you are today. Go ahead, give me a question.

Q Thank you. My question, Mr. President, is: Do you believe that even though he backed away from it, that you, after you leave office, could face indictment for obstruction?

THE PRESIDENT: No, because we did nothing wrong. The answer is very simple. Nothing was done wrong. This was all a big hoax. And if you look at it today, nothing was done wrong.

Now, I believe what you’re going to find — you’re going to find a lot of things that were done very wrong. But that’s going on now. That’s something you haven’t been writing about, and that has to do with the other side’s — that has to do with a thing called “investigate the investigators.” Let’s see what happens. That’s going to be very interesting.

Q Do you think Robert Mueller did a good job in this investigation? Where are you at on that now?

THE PRESIDENT: Look, I think Robert Mueller did a horrible job, both today and with respect to the investigation. But in all fairness to Robert Mueller, he had nothing to work with. You know, you can be a builder, but if they don’t give you the right materials, you’re not going to build a very good building.

Robert Mueller had no material. He had nothing to work with. So, obviously, he did very poorly today. I don’t think there’s anybody — even among the fakers, I don’t think there’s anybody who would say he did well. I looked at your people; they’re saying it was devastating for the Democrats.

And even, I will tell you, the two most nauseous and nauseating networks — whose ratings have both gone down, way down — even they said this was a really bad day for the Democrats.

So, Robert Mueller did a poor job. But in all fairness to him, he had nothing to work with.

David.

Q Mr. President, do you regret not talking to Mueller now that you’ve seen him in action?

THE PRESIDENT: Look, I saw what he did to people — how he ruined people’s lives because they didn’t remember a date or something very minor. He ruined people’s lives.

The Democrats, they took people and they destroyed their lives. They went bankrupt because they couldn’t afford the legal fees, and they were good people — many, many people.

So when you ask me that question, all they have to do is — see how nice this weather is? If I made a mistake and said I was talking to the media and it was a little bit rainy, a little bit overcast, they’d say, “Well, we have to do — he lied.”

Let me tell you, I’ve seen what they’ve done to people. I’ve seen how they’ve destroyed people like General Flynn and so many others — what they’ve done to people. No, I did the right thing.

Q You said Mueller did a “horrible job.” (Inaudible) about the report today. Why is that?

THE PRESIDENT: Well, Mueller had no material. Sure. Mueller had no material to work with, and he did a horrible job. Obviously, his presentation was way off. But that’s okay. It didn’t matter. He had no material. There was nothing done wrong. In fact, things were done right. There was nothing done wrong.

And certainly — I mean, look, I read the papers and I read the press and I read the Internet, and if you see what’s going on the Internet, if you listen to the Internet, this was one of the worst performances in the history of our country. So, you know that. You know that very well.

But I don’t think anybody could have done a good performance. He had no material. It was a fake set of facts that the Democrats used — and others — to try and do really an illegal overthrow. But we’re going to find out about that.

Q On the asylum ruling, what does this mean for your plans going forward?

THE PRESIDENT: Well, the asylum is a big —

Q And what are you going to do about Guatemala?

THE PRESIDENT: Say it?

Q What are you going to do about Guatemala?

THE PRESIDENT: So, the asylum is a very big ruling. That was a tremendous ruling today. We appreciate it. We respect the courts very much. That helps us very much at the border. The numbers are way down at the border, which is a good thing. Apprehensions are way down because Mexico has now 22,000 soldiers. And they’re — they mean business because they know what happens; the alternative is not good for them.

It’s also good for Mexico, what they’re doing, because the cartels have been running all of the border for years and years. And Mexico is saying — and the President is saying, “We got to clean it up.” So they’ve got 21,000 soldiers. They’ll probably put up more.

But this ruling today on asylum is a tremendous ruling.

Q What are you going to do about Guatemala? Guatemala. What are you going to do about Guatemala?

THE PRESIDENT: So, Guatemala gave us their word. We were going to sign a safe third agreement and then, all of a sudden, they backed up. They said it was their supreme court. I don’t believe that. But they use their supreme court as the reason they didn’t want to do it.

So we’ll either do tariffs or we’ll do something. We’re looking at something very severe with respect to Guatemala. I’ve already cut all payments; I did that a year ago. I cut all payments going to Honduras, El Salvador, and Guatemala. We used to send them $500 million for nothing. For nothing. They didn’t do anything except set up caravans.

So, Guatemala we’re going to take care of and it won’t even be tough. We’re going to do — we’re looking at a couple of different things. One of the things very heavy is, as you know, Mexico has put 6,000 people on that border.

Q Mr. President, what do you say at the — Robert Mueller, he said that he — that lying from your inves- —

THE PRESIDENT: Let me just tell you something.

Q — Mr. President, he says that lying —

THE PRESIDENT: I know, you’re always — you always have a question.

Q — he says that lying — he said that lying by White House aides and campaign aides —

THE PRESIDENT: You mean my White House aides lied?

Q They said that your White House —

THE PRESIDENT: What about his aides? What about — what about Mueller’s aides?

Q He said that White House aides and campaign aides lied and that your answers were generally untruthful. What do you say to that? He’s accusing you and your campaign of lying.

THE PRESIDENT: He didn’t say that at all. You’re untruthful when you ask —

Q He specifically said, “generally untruthful.”

THE PRESIDENT: You are untruthful. When you ask that question —

Q He completely said that.

THE PRESIDENT: When you ask that question, you’re untruthful. And you know who —

Q But quoting, “generally untruthful.”

THE PRESIDENT: — else is untruthful? You know who else is untruthful? His aides. And Weissmann was untruthful. And Weissmann got caught just like he did with Arthur Andersen, where he lost in the Supreme Court nine to nothing. His aides were very untruthful. And they put Mueller —

Q But were your aides lying and impeding the investigation, Mr. President?

THE PRESIDENT: — and they put Mueller — not at all. They put Mueller in a very bad positon. His aides put him in a very bad position.

And if you were ever truthful, you’d be able to write the truth.

Q Mr. President, have you called Boris Johnson? Have you called Boris Johnson?

THE PRESIDENT: No, I haven’t. No, but I’m very happy. I haven’t called Boris but I’m happy that he won. I’m very, very happy.

Q (Inaudible) indictment for Strzok and Page and the investigators that you are referring to?

THE PRESIDENT: So what happened with Strzok and Page, meaning the two lovers, it’s a disgrace because they had a lot of text messages, and Mueller illegally deleted those text messages. And they didn’t get too much into that because he forgo; he didn’t really know; he didn’t know too much. He didn’t know anything.

But Strzok and Page were texting. Don’t forget, they were the ones with the “just in case she should lose, we’re going to have an insurance policy.” This is the same Strzok and Page. So that was a very, very bad situation. What they did and what Mueller did — he deleted their text messages back and forth, probably thousands of them. That’s a serious problem. They shouldn’t have been allowed to do it.

Q How did Mueller affect the 2020 election? How did Mueller affect the 2020 election?

THE PRESIDENT: I think it’s going to help us because everyone sees now that this thing has been going on for so long. In all fairness to Mueller, this has gone on long before Mueller. This has gone on from sometime after we came down the escalator and I got great poll numbers. Because from the beginning, I was leading. And this really took place sometime right after we came down the escalator — the First Lady and myself. And I will tell you something: I think it’s going to have a huge negative impact on 2020 for the Democrats.

END TRANSCRIPT – 4:42 P.M EDT

This is funny.  No, really, it is actually funny.  Yesterday the International Monetary Fund (IMF) revised its outlook of the global economy.  If you read the IMF prior “dire forecast” from July 17th –yes, only a week ago– you’ll discover the humor aspect.

The IMF is now upgrading their forecast of U.S. economic growth; and admitting -in essence- that President Trump’s America-First agenda is relocating global wealth back to the primary host nation known as the U.S.A.   The increase in their forecast isn’t a small increase, it is essentially adding .3 percent (from 2.3% to 2.6%) or $60 billion more.

However, you’d have to go through two-thirds of the Reuters press coverage of the IMF release; and plow through a littany of doom and gloom; before you found this obscure reference: “The IMF raised its forecast for U.S. economic growth to 2.6% in 2019, but left its 2020 forecast for 1.9% growth unchanged.”   Apparently the economic team at Reuters has a sad… harrumph!

Even the Washington Post, despite their earnest efforts, couldn’t actually put a negative spin on the new IMF projection:

(WaPo) The U.S. economy is growing even more rapidly than initially thought, the International Monetary Fund said Thursday, though it warned that President Trump’s trade war could slow momentum.

The U.S. economy is on track to expand by 2.6 percent this year, the IMF predicted, up from its April forecast of 2.3 percent growth. The increase is largely the result of a better-than-expected start to the year and the Federal Reserve signaling it is likely to lower interest rates.

“The revision to 2019 growth reflects stronger-than-anticipated first quarter performance,” the IMF wrote in its World Economic Outlook, adding that the Fed’s “dovish tilt” has “helped markets regain their poise.”

Last year, the U.S. economy grew at nearly 3 percent. The White House forecasts the nation will hit that level again, but the vast majority of independent economists predicts that growth will cool as the stimulus from the tax cuts begin to wear off. If the IMF projection is correct, it would still be a strong year. (read more)

OK…. So the IMF, which is euro-centric, increases the projected U.S. economic growth for 2019 to 2.6 percent.  They then go on to warn everyone else, that globally the world economy is in a position of weakening, or shrinking etc; and you won’t be surprised at the reason for their negative global forecast.  Of course it’s horrible Trump and his strategic trade reset that’s to blame.   Grumble, grumble, grumble.

However, let me just remain focused on the U.S. growth projection for a moment….  We already know the 2018 U.S. GDP result was +3.1 percent.  So it is worth looking back to 2017 and see what the IMF was projecting for the U.S. in 2018 to see their rate of accuracy:

July 24, 2017 – “The IMF now projects the U.S. economy will grow at a rate of 2.1 percent in both 2017 and 2018, it said in its July update to the World Economic Outlook. In its previous estimate issued in April, the organization predicted the U.S. economy would grow at 2.3 percent in 2017 and 2.5 percent in 2018.

“Over the next two years, U.S. growth should remain above its longer-run potential growth rate. But we have reduced our forecasts for both 2017 and 2018 to 2.1 percent because near-term U.S. fiscal policy looks less likely to be expansionary than we believed in April,” wrote Maurice Obstfeld, the IMF’s chief economist.” (link)

Whoopsie!

The IMF projected 2018 U.S. growth at 2.1% and the actual result was U.S. growth at 3.1%.

Not only did the IMF miss that projection ball-park, they missed the city and state where the ball-park was located.  Missing a forecast for the worlds largest economy ($20 Trillion) by a full percentage point is like a geography expert standing on the equator and pointing North to identify the location of the South Pole.  Yes, it is that ridiculous.

All of that said, the strength of the U.S. economy, and specifically the focused growth that is happening ONLY because U.S. President Donald Trump is directing our economy, is entirely an outcome of Trump policy that reverses decades of neglectful stewardship by  prior politicians who controlled trade and economic policy.

What they did was purposeful.

Indeed, these MAGAnomic results are a big part of the reason why the globalists hate him.

In the bigger picture this is why President Trump is the most transformative economic President in the last 75 years.   The post-WWII Marshall Plan was set up to allow Europe and Asia to place tariffs on exported American industrial products.  Those tariffs were used by the EU and Japan to rebuild their infrastructure after a devastating war.  However, there was never a built in mechanism to end the tariffs…. until President Trump came along and said: “it’s over”!

After about 20 years (+/-), say 1970 to be fair, the EU and Japan received enough money to rebuild.  But instead of ending the one-way payment system, Asia and the EU sought to keep going and build their economies larger than the U.S.  Additionally, the U.S. was carrying the cost of protecting the EU (via NATO) and Japan with our military.   The EU and Japan didn’t need to spend a dime on defense because the U.S. essentially took over that role.   But that military role, just like the tariffs, never ended.  Again, until Trump.

The U.S. economy was the host for around 50 years of parasitic wealth exfiltration, or as most would say “distribution”.  [Note I use the term *exfiltration* because it better highlights that American citizens paid higher prices for stuff, and paid higher taxes within the overall economic scheme, than was needed.]

President Trump is the first and only president who said: “enough”, and prior politicians who didn’t stop the process were “stupid” etc. etc.  Obviously, he is 100% correct.

For the past 30 years the U.S. was a sucker to keep letting the process remain in place while we lost our manufacturing base to overseas incentives.  The investment process from Wall Street (removal of Glass-Stegal) only made the process much more severe and faster.  Wall Street was now investing in companies whose best bet (higher profit return) was to pour money overseas.  This process created the “Rust Belt”, and damn near destroyed the aggregate manufacturing industry.

Fast forward to 2017 through today, and President Trump is now engaged in a massive and multidimensional effort to re-balance the entire global wealth dynamic.  By putting tariffs on foreign imports he has counterbalanced the never-ending Marshal Plan trade program and demanded renegotiation(s).  Trump’s goal is reciprocity; however, the EU and Asia, specifically China, don’t want to give up a decades-long multi-generational advantage.  This is part of the fight.

One could argue that China’s rise happened inside this period, and as a consequence they have no comprehension of an economic history without the institutional advantages.  They’ve never competed with the U.S. under any terms of equivelence or fairness; they’ve only ever known the advantages.  Combine that with the Chinese communist mindset and you get the extreme severity of their position.

So yeah, there’s going to be pain – for them; massive economic pain – as the process of reestablishing a fair trading system is rebuilt.  This dynamic is the essence of reciprocity that benefits Main Street USA.  Unfortunately, putting ‘America First’ is now also against the interests of the multinationals on Wall Street; so President Trump has to fight adverse economic opponents on multiple fronts…. and their purchased mercenary army we know as DC politicians.

No-one, ever, could take on all these interests.  Think about it…  The EU, Asia, World Bank, International Monetary Fund, China, Russia, U.S. Chamber of Commerce, Iran, U.S. Congress, Democrats, U.S. Senate, Wall Street, the Big Club, Lobbyists, Hollywood, Corporate Media (foreign and domestic), and the ankle-biters in Never Trump…. All of these financial interests are aligned against Main Street USA and against President Trump.

Name one individual who could take them on simultaneously and still be winning, bigly.

They say he’s one man.  They say they have him outnumbered.  Yet somehow, as unreal as it seems, he’s the one who appears to have them surrounded.

Incredible.

Lord knows we can’t spare this man.

He fights!

.

…. And why we will keep on winning.