Simple: every other major currency block is also pursuing a highly inflationary policy. For instance, the Chinese central bank prints money to buy US bonds. I

Simple: every other major currency block is also pursuing a highly inflationary policy. For instance, the Chinese central bank prints money to buy US bonds. It does this to keep its own exports strong. This is a terrible way for China to maximize its standard of living. But that's not the goal. The goal of the Chinese government is to maintain strong employment and prevent a second coming of the Taiping rebellion. If that means subsidizing Joe Sixpack's HDTV, then so be it.