Let's look at QE II. It will devalue the dollar so exporters can compete. Not possible with the yuan pegged to the dollar. As the dollar goes down then so will the yuan. Also as a result of devaluation, the price of oil will go up. Every commodity priced in dollars will go up. The end result is that to benefit the banks and exporters, the people will end up paying this hidden 'tax' in the form of higher prices for gas, groceries, bills, etc.