In the wake of a great deal of fear-mongering and scapegoating of China in the US political cycle, this Simon Johnson piece dispels the ignorance. Johnson shows how emerging markets and their depreciated currencies are a problem but nowhere near THE problem of the global economic crisis.

Johnson writes:

The argument that the global savings glut, largely from emerging markets, was a major driver of the 2008-9 crisis is tenuous at best. But there is no question of a dissonance within the current policy goals of emerging markets — and this is not helpful to financial stability moving forward. Most likely, it helps feed — or otherwise becomes central to — the next financial frenzy. And there is nothing the G-20 can or will do about it.