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The trade system has rules. The Americans are the ones making the lion's share of those rules, because they are the guy with the gun. And of course they make them such that tribute flows to America.

One of the most important of those rules is "the US can run a perpetual foreign deficit." That's a quite amazing privilege, and one afforded to nobody else in the American trade bloc.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Mar 29th, 2014 at 04:38:57 PM EST
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