Free trade over the longer term only works to everyone's advantage if it is on a level playing field. Unfortunately the playing field is far from level with China. China does not come even remotely close to fully floating its currency, China subsidizes industries like textiles, sweatshops still exist because their auditors are bribed, etc. Now that China's market has been in parabolic greed mode for the past 18 months, problems will move to the forefront a lot quicker. China will probably be in the news on a daily basis until its parabolic collapses on itself.
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