[hfinney]

"It's inconsistent for the Americans to accuse the Chinese of manipulating exchange rates and then to artificially depress the dollar exchange rate by printing money."

Not really. China has a large and growing trade surplus, due in part to currency manipulation. The U.S. has a huge trade deficit. That is evidence that the dollar is over-valued. Printing dollars will help bring global trade into balance, while China's actions preserve imbalances.