By John Tamny of Forbes
During its yearlong reconstruction, the trade deficits that Washington, D.C. residents held with the “Social” Safeway plummeted. To conventional economists this would be a good thing, but the Safeway example reminds us once again how alleged trade “deficits” are our reward for being productive, not to mention how deprived and impoverished our existence would be absent the ability to trade freely. The redone Safeway also clarifies why modern definitions of inflation and deflation are a perversion of the true meaning of both.
