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This post from Carpe Diem’s Mark Perry is too good not to reproduce here in its entirety (HT Frank Webb):

The Real Conundrum: Why the Hell Do We Care if China Manipulates Its Currency in Our Favor?

Here’s a little editing fun of Harold Meyerson’s article in today’s Washington Post:

“This week, committees on both sides of Capitol Hill will plumb the conundrum of Chinese currency manipulation. The conundrum isn’t that — or why — China is manipulating its currency: By undervaluing it, China is systematically able to underprice its exports, putting American (and other nations’) manufacturing consumers and businesses that purchase China’ cheap imports at a significant disadvantage. The conundrum is why the hell the United States isn’t doing thinks it should do anything about it.

There are certainly plenty of senators and congressmen — and Main Street Americans U.S. producers that compete with China — who’d like to see the White House place some tariffs taxes on American consumers and businesses who purchase the underpriced low-priced Chinese imports. If the administration doesn’t act, Congress may just consider mandating some tariffs punitive taxes against American consumers and business on its own.”