Last month, I argued that the fastest way to deal with the trade deficit with China was to bring down the value of the dollar, rather than play political chicken with the Chinese government.

At least the folks at the Economic Policy Institute agree with me:

The optimal policy solution to this imbalance is a substantial decline in the value of the U.S. dollar relative to American trading partners. This dollar decline would make U.S. exports cheaper (hence more competitive) in global markets and U.S. imports more expensive (giving domestic producers a better competitive position).

You can read their short discussion here.