I think Roach has got it wrong about China.
well, he's actually addressing the tarriff issue, but still ...
i do think he's making valid points. the peg has been there for years, so what's so special about now? if they abandon the peg, then what? is this a cure and is it the cure we want? does it really help if imports from china decrease and from japan and malaysia increase?
or, to come back to the message that's a constant through all of his recent analyses: this isn't attacking the problem, its attacking a symptom (and its consequences probably aren't what we want, if we learn the lesson from history). the problem is the current account deficit and no savings in the u.s.
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