US Economists Need to Reload the Gun.
Something you didn't mention is WHY interest rates are down, and that is because other countries, primarily China, are buying US debt at a pretty fast pace. Because the Chinese pump so much money into the US economy (by purchasing bonds, etc) we can see low rates, they keep the dollar stronger, and we buy more of their goods, while their pegged currency stays strong on world markets but artificially so.
Unpegging the Yuan would cause some pretty big short-term problems in the US, especially if the Chinese sought to unload their dollars on the world market. But in the long run, it could only help American exports, reduce our trade deficits, and strengthen the dollar.
The next step is obviously to bring American manufacturing back, but I'm not sure how best to do that.
The other question begging to be asked is what is the proper value for the dollar, after the artificial strong dollar policies of the 90's proved to be more of a problem then a benefit...