1) Bob Murphy argues that America’s trade deficits are sometimes misinterpreted and are usually closely tied to the U.S. leaving the gold standard under Nixon. Because the dollar functions as the world’s reserve currency, the U.S. can keep trade deficits in a way other nations cannot.
2) Murphy supports his view by referencing Deuteronomy, which teaches that a nation should give as opposed to borrow, implying that long term debt is unwise.
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