I stole this from Scott Sumner:
Sen. Tom Coburn (R., Okla.) asks whether all the major central banks easing might diminish the benefits and lead to trade protectionism.
“We don’t view monetary policy aimed at domestic goals a currency war,” [Bernanke] says. Easing policy can be “mutually beneficial” to other countries such as China, which depends on domestic demand in the U.S.
It’s a “positive-sum game, not a zero-sum game,” Bernanke says.
I don’t think Bernanke is reading this blog, but I feel like quoting myself:
Monetary easing is not a negative or a zero sum game. In a quasi-deflationary world monetary easing is a positive sum game.
I have not always been impressed with Bernanke and he has certainly made his fair share of mistakes, but he certainly is more knowledgable about monetary policy than Republican lawmakers.