Re China, they are doing work in factories to produce a lot of consumer goods but instead of trading these goods internally between themselves and enjoying the fruits of their labours, they export them for IOUs from us. Yet we don't make much of anything to send them back.

If I was a Chinese, I would think this some kind of con trick which it is. It makes more sense for them to consume the goods they make themselves and if they are doing the work to make the goods then surely they must be earning the right to buy them? How this translates into paper money, I'm not sure. Don't the dollar and pound just need to drop substantially re the Yuan, then the Chinese can afford to buy the products they make can't they?