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We noted here last week that the Fed’s idea to pump $600 billion into the economy (by buying treasuries) amounted to a “more cowbell” idea — a non game-changer that’s guaranteed to annoy everyone. The Wall Street Journal’s top story on the front page recounts some of the international reaction to the Fed’s move:

“The last time there was a competitive devaluation of currencies it ended up where it did, in the Second World War.”– Dilma Rousseff, Brazil President-elect

“It doesn’t add up when the Americans accuse the Chinese of currency manipulation and then … artificially lower the value of the dollar.”–Wolfgang Schauble, German finance minister

“The U.S. decision does not recognize, as a country that issues one of the world’s major reserve currencies, its obligation to stabilize capital markets”.–Zhu Guangyao, Chinese vice finance minister

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