- The argument is that the American people have misunderstood the trade deficits as a bad thing. Rather it is a good thing that allows to keep the US dollar more valuable to the other countries around them, keeping the value up and not down.
- Murphy's point is that money or currency not backed by a system of wealth for trade, it can create an idea of worthlessness or a sense of imbalance of a "dishonest measure."
Chapter 9 Watch and Respond
Deficits of Trade
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