Michael Pettis is a senior fellow at the Carnegie-Tsinghua Center for Global Policy and a finance professor at Peking University. He is also the author, with Matthew C. Klein, of the forthcoming book Trade Wars Are Class Wars.
A demonstrator holds a U.S. dollar bill burned during a protest of the annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 30, 2010.
(GERMANY OUT) Chinese Yuan Renminbi and Dollar banknotes with portraits of Mao Zedong and Benjamin Franklin (Photo by Wodicka/ullstein bild via Getty Images)