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The United States had hoped that China would use Summit G20 in Seoul to accept the proposal of America net exporters should limit their current account surpluses to 4pc GDP. Perspective of which is now gone.

In the wake of the Federal Reserve QE2 Announces rather suitable measures that would relieve pressure on the US economy, China gave the States a tongue - lashing .Mesures Cape surplus trade audience would "are reminiscent of the days of the planned economy", said Cui Tiankai, which will be one of the negotiators of lead from China to Seoul.

"We believe a discussion on a misses have target account current exactly, not least because if you look at the world economy, there are many questions that deserves more attention - such as the quantitative easing".

Germany also discussed at length in the language of the industry to describe the recent decision of the Federal Reserve power."With all respect, US policy is disabled,", pointed out the Finance Minister, Wolfgang Sch?uble.

"Isn't that the Americans were not pumped enough liquidity in the market for them now even more than the pump will not solve their problems."

The Fed plan to extend QE $600bn (￡ 370bn), $ 1 cost already put in place, caused the diplomatic fur fly - Thailand Australia .a South Africa, a key emerging powerful member of the g-20 market block official statement said America was "undermined the spirit of multilateral cooperation that G20 leaders have fought so hard to maintain.

Until now, the rest of the world has been willing to tolerate unprecedented United States - money-printing and in this égard.QE United Kingdom was used to assist financial institutions to avoid facing their losses, while recapitalising secretly Western banks are, for all intent and purposes, insolvent.Money-printing also inflated the last Fed induced "sugar rush" of bourse.Après, global FTSE all share index reaches a maximum of two years.

With the silver EQ used for the purchase of bills and gilts, as well as questionable mortgage-backed securities, it has also allowed Governments to maintain expenses.

Who cares if the yields on sovereign ious were artificially depressed (for the moment) by the weight of the newly created money.Implementation of spending reductions is much, much harder that announcing a tax "Keynesian" another boost

Therefore, in other words, the EQ has received enough great interest - groups insolvent banks, public sector unions and politicians laches.Pas surprising that critics have long policy we have dismissed as 'inflation nutters' and 'cranks '.

But in recent weeks, something a changé.Gros players such as China, Brazil - and Germany think too - the United States has gone too far and are now saying.

Their patience was broken, taking into account the negative impact a large scope of QE beyond of the coasts of America. "Even if everyone wants the US economy to recover, "said Guido Mantega, the Minister of Finance of highly respected Brazil"it does no good to throw $ helicopter.""

In a newspaper article, Xia Bin, an advisor to long long date at the Central Bank of China, last week referred to unbridled $ as a "great risk" printing in the global economy. ""As long as the world exerts no restraint in issuing $ then the appearance of another crisis is inevitable, as some wise Westerners complain" he wrote.

With fears that the Fed blows yet another award asset bubbles, that lead to a damaging will drop, stands of America charged (rightly) EQ artificially depress the dollar, so unfairly boost exports to the detriment of those of other u.s. including euro.Dans area using the same time, a lower u.s. dollar also reduces the real value of the enormous debt that America must rest of the world - not less Chinese.

In the here and now, emerging wholesale markets are particularly concerned that dollar debasement means their own currency to take on the status of "shelter", pushing even further, so most undermining their exportations.Brésil has already imposed controls on capital, although entendu.Et QE2, answering a string of Asian central banks expressed preparing measures to defend their country against large flows of capital.

This is not how liberal capitalism and free trade is supposed to travailler.Et, while it pains me, the main cause of this new eruption of economic dirigisme and conflicts, distortions and injustices that will inevitably produce, is the America. rather than to deal with its problems, and with them, American politicians require these problems on the rest of the world.

Now President Obama took a bite in the U.S. mi-termes, it can become even more desperate, which means that ve could extend once again, beyond this $600bn extra.

Although the negative impact of EQ in the United States has so far been felt largely in terms of competitiveness of exports and the appreciation of the currency, the policy has begun to impose much more visible "collateral damage".

Some of us were guard long printing mass money cause global to seek refuge in tangible capital assets - investors produced no less.

Many events come now pass.

New York, prices of oil reached only $87 per barrel – a maximum of two years - even if the US economy, the largest consumer of crude oil in the world, remains low.

In the past week, the inevitability of EQ- and perhaps still more EQ - a trained the curve term any oil shunt upwards, as investors bet on inflation more and more the dollar falls.

Oil exporters OPEC cartel fanned the flames, but crude price hike has been long time coming and derives from virtual press printing the Fed.

Gold broke just yet another record record - reaching $1,394 an ounce.

Pink 6pc last week in silver and is now in a maximum of 30 years.

Apart from precious metals, the nightmare is that QE causes an increase in the price of commodities and other inputs required to maintain the operation of the Western world - active investors such as "an anti-debasement coverage."

There are signs that this starts to happen more than the crude oil markets.

Since August, when the prospect more Fed QE became real, cotton prices are 68pc sugar prices have increased 66pc, rice is a third party.

This is why QE will be blamed for many "unfair" more currency devaluations and imposing a "soft default" America's creditors.

This printing money madness will be considered as the main cause of inflation, food riots and a boom in commodity prices.

This policy, in my view, is nothing less than "Suez economic America."

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