“Imports are payment for exports. Is that such a hard concept to grasp? They must be roughly equal over time. ”
Have you told the Chinese that?
This modern day business of running colossal trade deficits did not occur back in the 1860 era. (Not before the war anyway.) In those days, people weren't playing these money games they do now.
I'm surprised I had to tell you that, but then again, you are having a hard time grasping this "exports pay for imports" concept.
DegenerateLamp feeeeeeeeeeeels that it is somehow a dollar~for~dollar zero-sum game. Those of us who have dealt with him for a while understand his infirmity.