I'm John Batchler. This is an opportunity to discuss with Chris Wrigal of Scala.com,

the global economy and the American economy, which is a big, big determinative for the elections

this year, the midterm elections. Pocketbook is how the Americans vote. And my colleague and co-host

is Craig, is Jim McTagg, who is the former Washington editor for Barron's

magazine. I now know, thanks to Jim's testimony, that he alone was banned from ever questioning

Alan Greenspan because he'd included a quote from a member of Congress who was critical of Alan Greenspan.

Those were the days, Jim.

But Jim today is retired in Lancaster County happily and as a novelist.

So, Craig, Chris, a very good day to you.

Let us begin with the big number, that $1.2 trillion trade imbalance that China imposed. And what I loved

is Hutzpah. I wonder what the Mandarin word for that is. Hutzpah accusing the United States

of being the problem because we won't sell them NVIDIA chips. Good evening to you, Chris.

Good evening, John. I think the first rule of all things,

China is never to trust official public statements by the Chinese government on economics.

When you look at the issues that are trackable externally, births of ships departing, air freight

volumes, departing, the numbers at the transit side would not

substantiate what the Chinese government is officially posting.

That being said, it's somewhere in the middle of truth and fantasy.

But the Chinese economy on a macro basis is certainly struggling, and you see that most heavily

in the property sector.

Can we trust that the imports from China have declined in the U.S.?

The number suggested that we were pulling back or no longer buying with both hands?

...