The problem is not China and exchange levels. It is infrastructure and education. Those two should be the only components of our industrial policy.
Trade: Should America fear offshoring? | The Economist: "It would be absurd to argue that the current system of international capital flows and trade is perfect, or even particularly good. It's far better than it has been in the past, but it is in need of major reform. But cutting off America's market to chase vanishing jobs and to shut-out the world's surplus is a dead end. The right strategy is to hang tough for now, and to set the stage for a more structurally sound economy tomorrow."
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