In the wake of Chairman Ben Bernanke's announcement in November 2010 that the Federal Reserve Board would pump an extra $600 billion into the ailing US economy over the next eight months, China and Germany denounced the Fed's decision. To illustrate, the German government warned that the Fed's Quantitative Easing program would "create extra problems for the world." Recognizing that the US is a large open economy, analyze the impact of Quantitative Easing on the US dollar and US net exports in the short run. Furthermore, briefly explain why the
policy is viewed unfavorably by some of America's major trading partners.