Officials from Germany, Brazil, China and South Africa were among those expressing concern that the Fed's money printing could weaken the dollar, drive up commodity prices and send uncontrollable waves of investor cash into emerging markets.
We can thank the Federal Reserve's loose money policies for making the rest of the world's rich countries go sour on American leadership. Frustration with the U.S.'s irresponsibility has grown to the point where the head of the World Bank - an institution founded and controlled by the U.S. - is floating the possibility of a new gold standard for global currency exchange.
The G-20 will have plenty on its plate besides managing America's relative decline. Preventing a rare earth trade war is now on the agenda, but this will likely be handled as ineffectively as the group's recent non-accord on managing trade imbalances. Note how China's actions drive the agenda; their rare earth embargo is a thrust that the U.S. and others must parry.