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The chinese? >> the chinese understand that the united states isn't going to do anything meaningful on currency even though we can. last year 149.2% of surplus related to sales in the united states. that gives us enormous leverage that we are not using. when beijing sees we are not using our leverage they feel we are weak, that's why they are not doing anything. jon: yet your book is titled the 0 of coming collapse of china. >> we are seeing that the chinese economy is starting to contract. we see social disintegration with bro tests increasing substantially. and they are more violent. chinese...

longer the elephant in the room, governor rick perry announces he's joining the republican party for president. >> he may be the republican front-runner but he was not feeling the love at the iowa state fair. he got heckled and laughed at over three words he said, words he may come to regret on this "american morning." -- captions by vitac -- www.vitac.com ing. >> oh, thank got it's friday. >> wait a minute. i've got to move my stuff. >> good morning. happy friday to you. it's august 12th. welcome to "american morning." up first, texas governor rick perry, the elephant in the room,...

On alaska. controlling out future is taking control of spending. oppose programs like president obama's stimulus that failed to stimulate when it came to creating jobs. we can't afford this yet. >> you also have to realize that the polls in alaska are notoriously inaccurate. in fact, in governor palin's race in 2006 they were off by almost 40 points. i can tell you it's red hot on the ground. we're closing the gap rapidly. >> bret: oh, yes, he closed the gap. in fact, joe miller is leading in the alaska senate primary race for the g.o.p. here is the latest. the very latest. just got new number...

On alaska. controlling out future is taking control of spending. oppose programs like president obama's stimulus that failed to stimulate when it came to creating jobs. we can't afford this yet. >> you also have to realize that the polls in alaska are notoriously inaccurate. in fact, in governor palin's race in 2006, they were off by almost 40 points. i can tell you it's red hot on the ground. we're closing the gap rapidly. >> bret: oh, yes, he closed the gap. in fact, joe miller is leading in the alaska senate primary race for the g.o.p. here is the latest. the very latest. just got new numbe...

Walk us through the rescues we have seen. >> good afternoon on fox television stations across the nation and fox news channel on satellite and cable around the world, i'm shepard smith in new york, fox news continuing coverage on the hurricane that has struck and the aftermath on southeast texas, across louisiana and to the north and east. breaking now, an all-time record for tropical storm system in texas has been broken, 49.2 inches in southeast houston. 49.2 inches of rain since that storm began hitting on thursday night. the totals around the area are astounding. we will get to those short...