TRADE DEFICITS….Atrios comments on our financial predicament:
As all good economists “know,” one day our trade gap will have to shrink….
I wonder what those scare quotes are supposed to mean? Is it a way of suggesting that the conventional wisdom about trade deficits is wrong? That economists are idiots? Perhaps a comment on the ultimate ineffability of true knowledge? What? Sometimes it’s like trying to decipher Peking wall posters over there.