where i thought the video was deficient is it doesn’t discuss trade deficits.
it’s assuming a closed economy which is true enough for what it says
but it misses what happens when you run big deficits.
say you buy a trillion a year in arab oil, well, if you don’t sell
them finished goods (Jets), then you are sending them cash and either
creating deflation here, or borrowing from them, and paying rents.
