QE2

I don't see how Bernanke and Geithner can keep a straight face when they argue that the Fed's quantitative easing (QE2) isn't being intentionally done to devalue the dollar.  That's a bit too cute for me.  Intentional or not, that's the effect it's going to have, and it's not credible for either of them to say that they weren't aware that a devaluation would occur and that it's just being done to boost growth.  Printing $600 billion dollars is going to devalue the U.S. dollar.  As a fuck you to China for being so intransigent on its managed devaluation of its currency  I do rather enjoy QE2.  Now both the U.S. and China are effectively devaluing their currencies while at the same time pretending not to.  And this is also a bit of a fuck you to Germany, whose austerity minded politicians and bankers are horrified by QE2.