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Hi.  Peter Navarro here with the latest episode of the Taking Back Trump’s America podcast and substack as we end the week now with our economy and market wrap.

This was a week that ended with some very good news for the markets.  Suggesting a bit of a reversal of the stagflationary grip we are in, real GDP grew well above expectations at 2.4% as well above the long run trend line of the Fed at 1.8%.  In other words, GDP growth has not been stagnant.

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Roughly half of Republicans and over a third of Democrats believe America is on the brink of civil war.   If such an unthinkable war breaks out, it will be the Democrats’ fault. 

In their quest for power, radical elements within the Democrat Party have abandoned any pretense of fairness, tolerance, and justice.  In their woke new world, Democrat strategists use unscrupulous lawfare tactics to skew our election system even as weaponized bureaucracies like the Department of Justice, FBI, and National Archives now under Democrat control seek to destroy the Republican party and its de facto leader Donald Trump.

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In this episode, Peter Navarro provides his weekly economy and market wrap.

Peter Navarro interviews Dick Morris as host of Steve Bannon's War Room.  If you want to understand why Trump is crushing it, listen carefully.  And wait until we get to the part about Michelle O'Bama

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Navarro guest hosts on Bannon's juggernaut War Room and rips Canada and Trudeau stem to stern for polluting America with is woke smoke.

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The US dollar as the world’s reserve currency and the “SWIFT” system for global money transfer represent the twin pillars of a transparent international financial system capable of policing criminal activities and deterring rogue nations from conduct outside international norms.    Today, both pillars are crumbling as Communist China strategically pushes adoption of its new digital currency, the “digital yuan.”

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“Don’t fight the tape” and its more modern-day equivalent “the trend is your friend” are familiar Wall Street cliches that perhaps best capture the market’s present bullish mood.  Indeed, this week all major US indices hit 15-month highs. 

The propellant for this latest move was seemingly good news on the inflation front.  Both the Consumer Price Index (CPI) and Producer Price Index (PPI) beat expectations with lower inflation numbers than estimated, and the Wall Street spin machine used this news to argue that the Fed need not raise interest rates at its next meeting. 

Following this news, bond yields fell, and stock prices rose; and the big bet now is on a “soft landing” that will accommodate the bulls.  This hoped-for soft landing will, according to the bullish calls, result in a continued decline in inflation without a rise in the unemployment rate.

Fair enough, but let’s first take a deeper look at this week’s actual inflation news. 

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The recently completed trips of Treasury Secretary Janet Yellin and Secretary of State Anthony Blinken to Communist China have drawn a sharp contrast for voters in the 2024 presidential election.  These trips have solidified the Biden doctrine of “strategic competition and derisking” with China, which is as far from the Republican view as Beijing is from Washington.

The only “good news” the Biden-Blinken-Yellin negotiations provide is that of a clear choice for American voters.  If you believe as Biden does that we are simply in a strategic competition with Communist China and that China’s economic and military activities pose no existential threat, then you will agree that the prudent course is negotiations aimed at first stabilizing the relationship and then achieving incremental changes over time.  Of course, in this view, you must also believe the Chinese actually want a mutually beneficial relationship and come in peace.  Believe all that and Biden is clearly your man in 2024.

If, on the other hand, you believe China has no intention of ceasing its economic aggression, that its goal is hegemony in Asia, and that globally it seeks to control the world’s resources and markets, then any one of a number of Republican candidates – with Trump clearly in the lead now – will be America’s choice.  

You decide.

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Bidenomics equals stagflation.  That’s America’s sober economic reality after more than two and half years of a Joe Biden presidency pockmarked by profligate government spending, soaring interest and mortgage rates, a precipitous loss of strategic energy dominance, a southern border invasion, a new and expensive endless war, and a rapidly expanding trade deficit.

Stagflation is a “tax” crueler than inflation alone, which eats away at our purchasing power.  This is because the “stag” part of stagflation also entails recession or slow economic growth.

As the 2024 presidential election approaches, Bidenomics is conjuring up the ghost of a 1970s stagflation past that ended in a landslide victory by the Republican Ronald Reagan over Democrat Jimmy Carter. In the final 1980 presidential debate, with polls surprisingly close given the grim economy, Candidate Reagan asked the American people “are you better off today than you were four years ago?”  That question – and its obvious “no” answer -- triggered a decisive break in undecided voters to the Reagan camp.

Will this Reagan-Carter past be prologue to a resounding Biden defeat?  The answer to this question must begin with this observation: Biden’s Democrat Party is supposed to be the party of America’s working classes and wage earners.  Yet, American labor is now bearing the heaviest burden of Bidenomics.

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Bannon and Navarro go mano y mano and explain the "French Connection" at America's southern border.