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Ronald McKinnon, the William D. Eberle Professor of International Economic at Stanford University and author of Unloved Dollar Standard: From Bretton Woods to the Rise of China, talks about America's benefits and responsibilites under the dollar standard, the harm that U.S. monetary policy has inflicted on emerging countries like China and Brazil, and why an appreciation in China's currency would not tilt the U.S.-China trade balance in America's favor.
This past Friday, Standard and Poor's downgraded the U.S. debt from AAA+ to AA+ with a negative outlook. What makes the situation all the more distressing, is that neither party seems to be interested in dealing with one of the prime contributors to the US slow economy...China. "China, after all, maintains predatory policies designed to take advantage of America's open economy. So, for instance, the Chinese central government fixes the value of the renminbi at an artificiall