… is from Mark Perry’s most-recent essay in The American:
If you wouldn’t object to China sending products to the United States for free, then on what basis would you object to currency “manipulation” that allows you to purchase undervalued Chinese imports at a huge discount and great bargain?
Read the whole thing. It’s brief and spot-on. Unless and until someone offers a compelling explanation of why Bastiat was wrong here, recognition that the burden of any government export-promotion policies falls overwhelmingly on the taxpayers and consumers in the export-promoting country should calm fears that exports priced artificially low harm the economies of those countries receiving such exports.