show.” The Brazilians, as the putative leaders of the left wing of the emerging markets, inveighed against the risks of hot money and accused Bernanke of a beggar-thy-neighbor devaluation of the dollar. They warned of a “currency war.”80 For the Chinese, the Fed’s action was a sign that “[t]he United States does not recognize . . . its obligation to stabilize capital markets,” as Zhu Guangyao, China’s vice finance minister, put it. “Nor does it take into consideration the impact of this excessive fluidity on the financial markets of emerging countries.”81 Wolfgang Schäuble went furthest. Once
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