Why all the hoo-ha about China finally revaluing its currency? In Washington, inward-looking policy sycophants, including influential politicians from both sides of the House, hailed Beijing's monetary policy moves as not the right thing for China to do.

Instead, after years of threatening China with economic retaliation of sorts - none of which made any economic sense - the policy hawks hailed it as a victory. They claimed that China finally caved in because of relentless pressure by the United States.

But what else were US politicians to do? Their constituencies - made up of big business and powerful labour unions - pressed them to take corrective policy action. US politicians, like politicians anywhere, can suddenly - and conveniently - become nationalists when their own positions are threatened. They launched a whispered scare-mongering campaign, but one that was hyped up and pushed along by the labour movement.