First published: The Daily Telegraph, 19/11/2010
There has been a hostile reaction by China, Brazil and Germany, among others, to the Federal Reserve’s decision to resume quantitative easing.
This undermined the slim chance that G20 leaders, meeting in Seoul last week, might agree a credible plan to address rising currency, trade and capital account protectionism.
China alleges that the Fed’s actions will damage the global recovery and destabilise the world’s monetary system, but this is to deflect attention away from a complex problem, a substantial part of which lies in Beijing, not Washington DC…. more
