More from Pettis: Anybody who thinks China is going to solve global trade imbalances by...

|By:, SA News Editor

More from Pettis: Anybody who thinks China is going to solve global trade imbalances by ratcheting up consumption isn't paying attention. Just the opposite, calls are already on the rise to devalue the yuan. Unless the U.S. is willing to accept lower wages and enough years of high unemployment to make it competitive, the only other solution is intervention - devaluation, tariffs, quotas. "(It's) almost a matter of logic to predict a collapse in international trade."