The need for a weak dollar

Stephen Roach, the chief economist for Morgan Stanley and one of the voices for sanity with regard to the US economy, sums up the case for a weak dollar in the New York Times:

What's certain is that a lopsided world needs to be put back into balance. The dollar is the world's most widely used currency, but its fall affects more than just foreign-exchange rates. A weakening dollar is an encouraging sign that the world's relative price structure - essentially the value of one economy versus another - is becoming more sensible. If the world can manage the dollar's decline wisely, there is more reason for hope than despair.

It is time to put the screws to China to float their currency.