Quotation of the Day…

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… is from page 51 of Norbert Michel’s superb 2025 book, Crushing Capitalism: How Populist Policies are Threatening the American Dream [footnote deleted; link added]:

However, if the [balance-of-payments] accounting framework were designed instead to track the quantity of goods, this same situation [that is, a trade deficit] would be referred to as a “goods surplus.” In other words, a trade deficit does not indicate that anyone has lost anything, or that anyone is owed anything.