Today begins the G20 Summit (most industrialized countries and emerging powers) in Seoul, Korea in the South, the fifth Summit of world leaders since the crisis erupted in 2008 and which aims to consolidate a joint exit from recession. But the currency war is focusing all attention, since it threatens the global economic recovery and deviated from the agenda topics of great importance such as the reform of the financial system. Obama arrived in Seoul yesterday, but before sent a letter which noted that the global economy depends on the US economic recovery: A strong recovery creates jobs: income and consumption are the most important contribution that United States can give to the global recovery, so they are acclimatizing to the US position against claims especially emerging and developed countries by the wave of fresh money that the Federal Reserve the last week has announced will inject into the economy: about $75,000 per month until June, through purchases of bonds of the U.S. Treasury, $600,000 million combined with other Fed asset purchase programs, reaches the amount of $900,000 million for total. Dollars to migrated towards the good yields of emerging economies causing the overvaluation of their currencies, the loss of competitiveness of its exports, asset bubbles and the rising local inflation. But how is it that the Fed creates money, being that this is task of the US Treasury? Let’s say that the Fed printed currency participating in the bond market. Buy Treasuries to large financial institutions and pay them by adding credit to accounts of sellers in their respective accounts with the Fed (instead of transferring effective), which equates to monetary printing. What is the idea behind this? The same one that has cost him losing the majority in the House of representatives to Obama in the midterm elections last week: deriving the biggest help save Wall Street (friends of the markets) rather than Main Street (Economics), pumping hundreds of billions of dollars into the U.S.