China abuses WTO, ignores IMF

As the No. 1 filer of complaints with the World Trade Organization, it's clear Beijing is monkey-wrenching the trade system. Combine that with ignoring unenforceable comments from the International Monetary Fund about its undervalued currency, and that's how you get the Chinese "behemoth," especially vis-a-vis the U.S.

Ultimately, the "two-track" system isn't that viable in today's era of not only "free" trade, but internationally interconnected finances, money supplies, etc., and many economists know it:

“Many of us would like to see the W.T.O.-style commitments — with people’s feet being held to the fire — at other international agencies, like the I.M.F.,” said Jagdish Bhagwati, a Columbia University economist.

The story notes that currency devaluations, as well as trade walls, were part of what exacerbated the Depression. That's part of why the Obama Administration would like China to do more. But ...

China is the biggest buyer of Treasury bonds at a time when the United States has record budget deficits and needs China to keep buying those bonds to finance American debt. But the Treasury also faces an April 15 deadline for whether or not to list China as a country that manipulates the value of its currency.

Well, well, we will see how this plays out. If Team Obama had any balls, and to jump-start domestic legislation in the Senate on greenhouse gases, it would slap carbon tariffs on China.