Okay, at the risk of not getting included in the happy consensus, I will make a few points here.
My thoughts exactly. Tackling China is just plain crazy, especially when the US was benefitting in real terms of trade and China was still willing to save in USD. Those days are nearly over for the US and hopefully the newly rising China will overlook a century or so of humiliation, including the latest episode.
As Dean Baker points out, intellectual property has become a bug rather than a feature, and technology sharing is a a good idea for everyone — in a sane world.
Moreover, practically speaking, the Chinese economy is already larger the US figured on the basis of PPP, which is what counts economically rather than the absolute size of nominal GDP without deconstruction, as Dean BakerRead More »