Close to 2 years after the the first quantitative easing exercise from Fed,  they are forced to do it again. But this time the opposition is fierce both from within the country and from other countries running trade surplus with US. Their concern is that dollar will weaken which will make their exports costly and uncompetitive. However Fed has its own problems to worry about,higher unemployment rate and weakening domestic economy, to name a few.

In principle, Fed is only buying the long-term US bonds and pumping printed money into the market. They seem to have no choice as the interest rates on short term bonds are close to zero.

All this points to an escalating currency war and more protectionist measures that could become a bigger threat to globalization.