Fed's $600 Billion Move Sparks Global Backlash

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The Federal Reserve's plan to strengthen the U.S. economy by printing more money has been harshly criticized by economists in the U.S. and overseas.

Federal Reserve governor Kevin Warsh questioned whether it will really help the economy and he warns it could lead to inflation. Even so, he did vote for the plan.

Other countries like China also criticized the move.

Also, Wolfgang Schaeuble, Germany's Finance Minister called the Fed's actions "clueless." He said the Fed will undermine the already weak U.S. dollar.

"I have great doubts about whether it makes sense to pump unlimited amounts of money into the markets," Schaeuble told Der Spiegel news magazine. "There is no shortage of liquidity in the U.S. economy. I can't see the economic argument for this move."

Fed Chairman Ben Bernanke has defended the move to buy $600 billion of government debt. He said boosting the U.S. economy is crucial for global growth.

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