Fed backlash -stop the presses

As an academic adviser on the central bank's monetary policy committee, Xia Bin does not have decision-making power but does provide input to the policy-making process. "As long as the world exercises no restraint in issuing global currencies such as the dollar -- and this is not easy -- then the occurrence of another crisis is inevitable, as quite a few wise Westerners lament,"Xia Bin said.

The G20 has a clear idea what the fed is trying to do. Lower the dollar. This will be good for US exports and for increasing domestic consumption. Domestic prices will be lower and demand may increase if the policy is effective. China and the rest of the G20 is focusing on the dollar decline which they believe ill flood capital flows into their countries.

The Fed is taking heat for their policies because it is not clear QE2 will work. The rest of the world believes they will be the greatest at risk for any failure given a negative impact on the dollar and long-bonds.