Fed should be concerned with chants of ” No QE2″

The recent riots across Northern Africa as well as other parts of Asia, should put an exclamation point on the unintended consequences of unproven Fed policy.  While the old saying goes that ” the dollar may be our currency, but it is your (foreign holders) problem” it may now be altered to read ” The Fed may make our monetary policy, but is your (foreign dollar holders) inflationary problem”.  The continuation of the “whatever it takes” policy regiment has led to excess liquidity across most of the developing world, which in turn has bled over into many critical commodity markets.  We will know that this unintended consequence has not been lost on the rioting masses when we see the effigy of Ben Bernanke marched through the streets.