Would allowing the yuan to appreciate really fix the trade imbalance in any meaningful way? Does America produce anything that Chinese people actually want?
Besides sports franchises, shitty food, and intellectual property (which no one pays for).
American consumers will complain about goods becoming more expensive, because a lot of common household items are produced here. Wal-Mart shoppers would go apeshit. We'll just have more survivalist rednecks camping out near the borders of the national parks,
tweaked out on bathtub methamphetamine, and waiting for a message Ron Paul's blimp telling them that the gubmint has finally gone too far: by Obama's executive order #666, NASCAR must convert to hybrid fuel vehicles.
Anyway, the manufacturing sector in America isn't going to bounce back in response to a revaluation of Chinese currency. The labor unions have been so thoroughly fucked in their asses that they are too busy worrying about preserving pensions and existing buy-out
contracts to consider negotiating for more workers.
If it ain't gonna fix unemployment, then fuck it. This shit is for bankers.
On the other hand, the RMB is paying off my student loan debt, so of course I want to see it appreciate against the dollar. I'd go home to a Michigan that looks like Mad Max with more humidity, but at least I wouldn't be hunted down and killed by BMX riding
mercenary thugs sent by the credit bureaus.