What if America’s “factories coming home” story is the wrong headline?

Chips in Arizona. Aluminium in Oklahoma. Rare earths. Copper piling into US warehouses. Ports next to the Panama Canal. Alaska gas to Asia. And in late August, a Venezuela oil deal that sounds like Washington just bought an ocean of crude.

Follow the money past the press release.

Preferential access is not ownership. A fab is not a move of Taiwan. A mine is not a magnet factory. A port next to the canal is not the canal. Copper in a warehouse can be arbitrage, not a strategic vault. And a signed deal is still not cargo on a ship.

This episode asks one question: where is America moving the things it cannot afford to lose, and who holds the keys when something breaks?

Oil. Semiconductors. Critical minerals. Shipping. Routes. Stockpiles.

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