A good free market analysis by Steve Chapman.
When China sells jeans to Walmart, which turns around and retails them for ten bucks, the benefits to US consumers is enormous. China, in keeping its currency undervalued as a strategy for boosting exports (a typical, insane Keynesian idea), victimizes itself and its citizens. The Chinese worker produces quality jeans for a pittance, and receives in return--NOTHING (except a share in US government debt).
They send us jeans. We send them scraps of paper. Who is the loser in that trade?