Unbalanced 'Reasoning'

Here's a letter to the New York Times:

How disappointing that a trade economist of Paul Krugman's stature has become a leader of the protectionist tribe ("China, Japan, America," Sept. 13).  Like all members of that anxious and ill-informed clan, he tosses around arguments without concern for facts or consistency.

Consider: Given Mr. Krugman's claim that we live today "in a world awash with excess savings," why does he suppose that a lower U.S. trade deficit with China will not be offset by...