This week, committees on both sides of Capitol Hill will plumb the conundrum of Chinese currency manipulation. The conundrum isn't that -- or why -- China is manipulating its currency: By undervaluing it, China is systematically able to underprice its exports, putting American (and other nations') manufacturing at a significant disadvantage. The conundrum is why the hell the United States isn't doing anything about it.

Treasury Secretary Timothy Geithner will march up to the Capitol to explain the administration's position, which, thanks to increasing pressure for action, may be growing tougher. There are certainly plenty of senators and congressmen -- and Main Street Americans -- who'd like to see the White House place some tariffs on the underpriced Chinese imports. If the administration doesn't act, Congress may just consider mandating some tariffs on its own.

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