You could be right, and you could argue that growth in th overall world economy as capital moves around searching for the highest profit is a good thing, as corporations invest overseas and take profit from overseas markets and from overseas labor to domestic stockholders and consumers and overseas consumers have more spending capital and so on. A world economy, where, as long as theres no aggression or State intervention is a good thing.
And let me remind you, if there is a correction, and China reduses its "subsidy" of the dollar etc, our flexibility in labor, and movement of capital, etc will allow us to adjust a lot more effciently than in other countries, including China. Its when the State gets overly involved that more permanent problems arise.
I keep waiting for the chinese currency peg to be dropped or shifted. So is the Treasury Sec'y. China won't do it without being compelled.