The renminbi fallacy

If China does revalue the yuan, as the US insists, global growth will be lower – not higher as some suggest.

Paul Krugman is one of the international economists I most respect. He is a towering figure in the study of international trade. But his understanding of some international economic policy issues is, to put it generously, nave. In fact, were the Obama administration to follow his policy advice, the world economy could encounter more serious difficulties, if not another recession, in the years ahead.

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