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00:00All right, Steve, what's your take?
00:02Well, my take is that I don't think we've been victimized in the United States.
00:08The trade deficit results from a very fundamental identity in economics.
00:16It's a savings-investment identity, and the deficits in the United States aren't caused by foreigners ripping us off and giving us a bad deal.
00:26They're homegrown.
00:27The savings in the United States are deficient relative to the investment, and that deficiency, that gap, is filled in with trade.
00:38It's just a simple identity in economics.
00:41So the idea that somehow foreigners cause this is just incorrect.
00:48It's just absolute nonsense.
00:50It's deficits or surpluses, whatever the imbalances are in the international accounts.
00:55They're created domestically, not by foreigners.
01:00Why does China have a huge surplus?
01:02Because they have a surplus of savings relative to investment.
01:07Switzerland, exactly the same thing.
01:10Any country with a surplus has a surplus of savings relative to investment.
01:18Any country that is witnessing a deficit has a deficiency of savings relative to investment.
01:26Greece,
01:37is that's the M informations Foromm escout for the month?
01:43No one other person wanted to be a marathon.
01:44Can't wait.
01:48Want to see crucial opportunities for you are going to win.