Here's my favorite bit:
What about the Asian economies, including China, which complain that the Fed is contributing to asset bubbles around the world?
The real question we have to ask is why FOMC policy is affecting asset prices abroad: The answer is that the Asian economies competitively intervene in their exchange markets to manipulate the value of their currencies! As a result, they cannot have independent central banks. They are, therefore, importing U.S. monetary policy. Is that policy right for them? Hell no!
How should the FOMC respond to these countries? The Committee should say: You have no one to blame but yourselves. Hasn’t the U.S. government already advised you to float your currencies and not intervene? With respect to China, by the way, wouldn’t an appreciation of the renminbi be just what the doctor ordered? Isn’t just what’s needed to restrain inflation and aggregate demand?
What should Asia be saying to the Fed? Thank you! Please keep the U.S. economy out of a recession that could greatly threaten the global recovery.
So much win! Oh and by the way Asia, you're welcome!