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Flickr image courtesy of x-ray delta one.

The whole financial world here and abroad is positioning itself for the second round of "quantitative easing" by the Fed, to begin on Nov. 3.

Last week, bond markets overshot hopes for the impact of Fed purchases of Treasurys with invented money, and this week yields have bounced back up. However, everything is on hold until we learn the duration, magnitude and actual effect of "QE2."

Adding to expectant tension: China's August exports to the U.S. rose to $35.3 billion, and its imports from the U.S. fell to $7.3 billion. One effect of QE2 may be a currency war.

Despite the vulnerability to China feared by so many, these trade figures beg the question: Who, exactly, needs whom?

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