Virtually Bankrupt

Written by SK Ashby

(Cartoonist - Nick Anderson)

In other news, New York Attorney General Letitia James has filed a lawsuit against the Trump Organization to enforce a subpoena in an investigation into whether Trump lied about his financial assets to obtain loans and dodge taxes.

We know he did thanks to documents provided to the New York Times in October of 2018 which detail the family's finances dating all the way back to Trump's childhood.

Meanwhile, after the six month review of Trump's "biggest and greatest deal" was canceled because of poor political optics, Secretary of State Mike Pompeo says China promised to make all necessary purchases under "phase one." So I guess everything is fine!

Finally, major electronics manufacturers are considering plans to move more production to North America to avoid sanctions and tariffs, but they would be moving to Mexico, not the United States.

HONG KONG/TAIPEI/MEXICO CITY (Reuters) - Taiwan-based electronics manufacturers Foxconn and Pegatron are among companies eyeing new factories in Mexico, people with direct knowledge of the matter said, as the U.S.-China trade war and coronavirus pandemic prompt firms to reexamine global supply chains. [...]

According to two of the sources, Foxconn has plans to use the factory to make Apple iPhones. However, one of the sources said, there had been no sign of Apple’s direct involvement in the plan yet.

Foxconn is likely to make a final decision on a new factory later this year, and work will commence after that, the two people said, adding there was no certainty the company would stick to the plan.

I read this as "after the presidential election." If Trump is reelected, his rhetorical and economic war on China will likely escalate. If Biden is elected, the trade war will end next year and new factories may not be necessary.

As promised, I've update my profile photo. I've tentatively scheduled a dye job for October so I'll have to do this again before too long.