Jeff Sache on FED

Jeff Sache is one of my heroes in the contemporary era. He has helped developing countries get out of their financial crisis (ex. Bolivia in late 80's, and Poland in mid 90's). He also wrote a book "End of Poverty" which champions solution to global problems. While Bono is the image of the millennium goal, he is typically acknowledged to be the brain behind the effort.

In the article below, he blames Fed for the current housing/financial problem. I agree a lot!

One the bright side, he notes:
"There is still a good chance, however, that the US downturn will be limited mainly to America, where the housing boom and bust is concentrated. The damage to the rest of the world economy, I believe, can remain limited. "

http://www.project-syndicate.org/commentary/sachs139