China needs to buy dollars to backstop their own currency (¥uan). When China trades with the U.S. they hold the return dollars as a peg against their weak currency.  Remove the flow of dollars (lessen exports) and they start to run out of strong pegged currency.
What is happening today is not as much direct devaluation by China; rather they are intentionally allowing their currency to drop in value, in an effort to lower export prices and off-set any tariffs from the U.S.   Simultaneously, Beijing is spending internally, burning cash, to keep their economy from weakening.  Their Yuan burn rate is greater than the influx of higher valued dollars needed to hold their position.
They cannot keep this position indefinitely.
First, here’s a solid interview with former CEO Gerald Storch on how the currency devaluation leads to lower prices for U.S. consumers.  Again, emphasizing the point that U.S. consumers are not paying for the tariffs against China.  Watch:

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Earlier today President Donald Trump delivered remarks from the White House about the shooting incidents in El Paso, TX, and Dayton, OH.  [Video and Transcript]

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[Transcript]  – THE PRESIDENT: Good morning. My fellow Americans, this morning, our nation is overcome with shock, horror, and sorrow. This weekend, more than 80 people were killed or wounded in two evil attacks.
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Originally outlined over two years ago. Reposted by request, because we are watching it play out in real time: Believe me, at the heart of the professional/political opposition the issue is the money; there are trillions at stake.

President Trump’s MAGAnomic trade and foreign policy agenda is jaw-dropping in scale, scope and consequence. There are multiple simultaneous aspects to each policy objective; they have been outlined for a long time, even before the election victory in November ’16.
If you get too far into the weeds the larger picture can be lost. CTH objective is to continue pointing focus toward the larger horizon, and then at specific inflection points to dive into the topic and explain how each moment is connected to the larger strategy.

Today we repost an earlier dive into how MAGAnomic policy interacts with multinational Wall Street, the stock market, the U.S. financial system and perhaps your personal financial value. Again, reference and source material is included at the end of the outline.
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[Unrelated, Chinese financial markets are off-the-charts tonight as the currency is dropping like a rock, Beijing is intervening to stop the bleeding…. and Hong Kong workers are going on strike. Yikes, could be trouble.]

Earlier today while departing from Morristown municipal airport, President Trump and First Lady Melania delivered remarks to the media. [Video and Transcript below]

“Hate has no place in our country”…

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[Transcript] –  THE PRESIDENT: Thank you very much. I want to extend our condolences to the people of El Paso, Texas, and Dayton, Ohio. They’re incredible people and they’ve been through a lot.
I just want to also thank the law enforcement in both places. The job they’ve done is incredible. I also want to congratulate them. I mean, nobody could have done what they’ve done. This could have been — as bad as it was, it could have been so much worse.
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Whooo doggies, Maria Bartiromo outdid herself this morning with an interview segment just packed with information, insight and discussion into the DOJ and FBI corruption and DNI Ratcliffe’s nomination. (h/t Michael Sheridan)  This is a MUST WATCH:
After the first segment on the El Paso and Dayton shootings, Ms. Bartiromo segued into a discussion of George Papadopoulos and the secret informant transcripts; from recordings that were part of the FBI sting operation using U.S. intelligence asset Stefan Halper; and are now being held in evidence by U.S. Attorney John Durham and Inspector General Michael Horowitz. [Background] Keep in mind Gowdy has seen these transcripts.
According to Bartiromo those transcripts include FBI wire-taps of Halper attempting to get Papadopulos to accept assistance from Russia (delivering Clinton emails), and George Papadopoulos absolutely refusing to accept any engagement therein.  Confirming that outline, Gowdy notes there are more recordings (and transcripts) of a similar nature, where the FBI was attempting to bait other Trump campaign officials.
Additionally, Bartiromo confirms that Senate Intelligence Committee Chairman Richard Burr and Senate Majority Leader Mitch McConnell refused to meet with DNI nominee John Ratcliffe after his nomination; and exactly as we suspected it was the lack of support from the SSCI and McConnell that led to his nomination withdrawal. Stunning interview.

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It has always been clear that Fox News pundit Chris Wallace is a defender of all swamp activity based on his social network within the same cocktail circuit; however, today he completely dropped all pretense and launched a full propaganda effort on behalf of Wall Street, Multinational Corporations and the Global Financial Community.
White House Trade and Manufacturing Advisor Peter Navarro appears on Fox News and Wallace literally takes the talking points of Goldman Sachs Asian Investment Division, complete with graphics, and attempts to argue -despite empirical evidence to the contrary- that tariffs have made consumer prices rise.   This segment is just ridiculous:

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To retain their export position -and offset the tariffs- China and the EU have devalued their currency; and China is directly subsiding their manufacturers.  A lower ¥uan, and a lower €uro make the value of the dollar rise.  That means it takes less dollars to import Chinese and European goods.  That means prices do not rise.  That’s just a fact.
Additionally, the graphic made by Fox News to push their propaganda is literally from Goldman Sachs, Asian Investment Division.  Look:
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Shortly after 1am this morning on East Fifth Street in the city’s Oregon District of Dayton Ohio, a lone gunman opened fire killing nine people and wounding 27.  The shooting suspect has been identified as Connor Betts, 24, of Bellbrook Ohio [identified by local residents as a “disturbed” individual].  Two of the deceased victims were the shooters sister and her boyfriend.

Officers killed the lone suspect after he fired for less than a minute from a “.223 high-capacity” rifle, while carrying additional magazines.  The rifle has been identified by local officials as an “AK” variant. Deb Decker, public information officer for Montgomery County, said the shooter used an assault rifle. [link]  The shooter was wearing body armor.
Officials said the shooter fired multiple rounds as the suspect was making his way toward a bar called Ned Peppers. Someone from Ned Peppers grabbed the barrel of the rifle, and the shooter “picked up a handgun and was willing to continue shooting.” Decker said when police arrived and killed the shooter.
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•A single shooter opened fire in El Paso, Texas, at the Cielo Vista Mall.  •Reports of 19 people killed, 40 others injured during a 20 minute shooting rampage.  •Suspect identified as Patrick Crusius, a 21-year-old white male from Dallas.  •CCTV surveillance footage showed gunman walking in front entrance of Walmart armed with an AK-47 rifle.

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Sgt. Robert Gomez, a spokesman with the El Paso Police Department, told reporters in the second afternoon press conference a motive is still unknown. There were between one and 3,000 shoppers at Walmart at the time of the shooting and 100 employees present.
Sgt Gomez said the scene, which includes the Walmart store and next-door Cielo Vista Mall, remains active as officials are transitioning into a criminal investigation. Additionally, the suspect was taken into custody without incident, and no law enforcement fired weapons.
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During the congressional testimony of Robert Mueller, Representative Andy Biggs noted evidence of a phone call between Mueller and Rod Rosenstein on Wednesday May 10th, 2017, at 7:45am.
Listen carefully at the 2:26 point of the video.

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♦James Comey was fired at approximately 5:00pm EST on Tuesday May 9th, 2017. That means Rosenstein first contacted Mueller about the special counsel appointment less than 15 hours after James Comey was fired.
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House Intelligence Committee ranking member Devin Nunes appears on Fox News with Tucker Carlson to discuss the ongoing investigative situation with James Comey.
Representative Nunes highlights the difference between Inspector General Michael Horowitz and U.S. Attorney John Durham; noting there is a possibility the investigative review of Mr. Durham touches on a great deal more than IG Horowitz.  WATCH:

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