The current Federal Reserve Chairman, the avuncular Ben Bernanke, may have created a new precedent after QE2 last month, by actually drawing fire from other governors and foreign governments. The eponymous Uncle Ben enjoys a solid reputation by guaranteeing the quality of his product, long grain rice.
In going through the global financial crisis recently, we have realized that all economies are highly interconnected, and that advanced and emerging market economies are no longer separate but now in the same boat.