Trying to force China to revalue its currency won't do the US much good, since if it did, we would merely shift our buying to other cheap Asian suppliers. It would however be harmful to China and I doubt China would find that acceptable. Krugman is one of those who blames America's problems on others, rather than on itself, where the blame should be placed.
Response to this comment by Howard Richman, 3/20/2010: If the United States shifted its buying to other suppliers who did not practice mercantilism, such as Mexico, then it would do a lot of good. The Mexicans don't manipulate currencies. When they get richer, they buy more American products.
[An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]
Journal of Economic Literature:
[Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....
Atlantic Economic Journal:
In Trading Away Our Future Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]