1) America's trade deficits, which currently reside around negative 3 percent on the chart in the video, aren’t necessarily that way because we are doing great economically now as a country. Bob Murphy believes the chart is the way it is because of Richard Nixon killing the gold standard. It is, he says, the single biggest change to explain the chart. He thinks there is a connection between government budgeting deficits and the US trade deficits.
2) He used Deuteronomy, where God tells the Israelites to never borrow from other peoples outside them, only to lend money. In light of this, Bob Murphy explains that it is common sense to not go into debt as a country because that is a poor choice in the long run. And of course God knows that.