The Atlantic has published a five-way debate between various economists as to whether China will revalue its currency, and what will be the net effect.

We're partial to EPI economist Rob Scott who projects that the growth in the U.S. trade deficit with China "will displace about half a million U.S. jobs in 2010."  Scott believes that U.S. job growth could increase if trade with China became more balanced.

Scott offers a very reasonable point of view, too, when asked if there is currently a "currency war" going on.  Scott terms it merely a "dispute," but says that the U.S. needs to reserve the option to act forcefully:

"Currently, we don't have the tools to make the threat because Congress has failed to act .... The Treasury should declare that China is a currency manipulator and the [United States Trade Representative] should file complaints at the [World Trade Organization] because China is failing to meet its obligations under the [International Monetary Fund] and WTO charters."

Read the full debate.