A case in point (re Evolution and Protectionism)
"In a rare three-panel subcommittee hearing Wednesday, House lawmakers discussed policy options that might address so-called currency manipulation by China and other countries. The event served as an opportunity for lawmakers on both sides of the aisle to express frustration with China’s undervalued currency and, to a lesser extent, the weakness of Japan’s yen.
Democrats made clear that they intend to push legislation aimed at China, although details are still unclear.
These lawmakers and other critics in the business and labor communities blame cheap imports for China’s skyrocketing trade surplus with the United States and the loss of U.S. manufacturing jobs."The NYT also has a great piece on the effort to craft a "new trade policy." How much education would it take to transform these legislators into free traders? The one thing they actually could do to balance the current account they refuse to discuss--balance the budget.