We Should Thank China for Its Currency Policy
Update: Thanks to Don Boudreaux for the link, who also links to Bastiat's famous "Candlemakers' Petition," which gave me an idea for another way to make the argument about China's "currency manipulation":
1. If you wouldn't object to getting free light from the sun (even though that reduces output and employment for some domestic producers of candles, lights, lamps, lightbulbs, flashlights, electric utilities, etc.), then you likewise shouldn't object to getting free, or greatly "undervalued" goods from China as a result of its currency manipulation in favor of Americans purchasing Chinese imports.
2. If you think that China should be forced or pressured to revalue its currency to the advantage of U.S. companies competing with China, then you must also agree with Bastiat's facetious appeal to the French parliament advocating trade policy to protect the French candlemakers against the "ruinous competition of a foreign rival," which is none other than the sun:
"We ask you to be so good as to pass a law requiring the closing of all windows, dormers, skylights, inside and outside shutters, curtains, casements, bull's-eyes, deadlights, and blinds—in short, all openings, holes, chinks, and fissures through which the light of the sun is wont to enter houses, to the detriment of the fair industries with which, we are proud to say, we have endowed the country, a country that cannot, without betraying ingratitude, abandon us today to so unequal a combat."