As the ongoing recession exhausts the traditional instruments of monetary policy, the U.S. Federal Reserve is firing up its money printing machines as it prepares for new rounds of quantitative easing (QE). And, with investors seeking higher rets, more QE will drive hot money into high-yield emerging market economies, which could inflate dangerous asset bubbles. Dan Steinbock, Research Director of Intational Business at the India, China and America Institute, and visiting fellow at the Shanghai Institutes for Intational Studies (China), talked about the potential damages of QE in an article to Beijing Review.