Some argue that China would do a better job at curbing inflation, a little over 5% currently, if it let its currency, the yuan, appreciate faster.

FORBES: China's Resource Demand Feeding its Own Inflation

Beijing News points out that the annual rate may indicate a failure by the government to meet its target for curbing inflation, which was set at 4%.

BBC: China morning round-up: Inflation and economy discussed

But Bernanke's comments Tuesday seem to indicate that the central bank has turned a corner and is now focusing more on curbing inflation than stimulating economic growth.

FORBES: Magazine Article

By curbing inflation, it also gives Mr Trichet an opportunity to cut interest rates, if only he would take it he and his colleagues at the ECB held rates steady at a meeting last Thursday.

ECONOMIST: Blaming everyone but themselves

The success of America and Europe in trimming budget deficits and curbing inflation also means that policymakers have room to cut interest rates or taxes to keep their economies healthy, should Japan's recession prove severe.

ECONOMIST: If Japan should crash

In 2008 domestic spending was squeezed by higher prices for oil and food (which account for a much higher share of household budgets than in other countries) and by tighter monetary policies, aimed at curbing inflation.

ECONOMIST: Emerging Asian economies

The past two decades have been formidable for her country: curbing inflation (by creating the real and pegging it to the U.S. dollar), privatization (notably, the state-owned telecommunication and mining companies) and a commodities boom (soybean and iron ore).

FORBES: Power Woman Dilma Rousseff: Brazil's Entrepreneur-In-Chief

THIRD, China has systematically devalued the juan in response to QE2 creating the dawn of inflation as we are beginning to see now and will soon see in the US. The recent interest rate increase in China has yet to show signs of curbing inflation.

FORBES: SPIRIT OF FREEDOM-What the Conflict on the Korean Peninsula Means to the World Economy

Kansas City Federal Reserve Bank President Thomas Hoenig sounded the inflation-curbing call earlier than Trichet when he said Wednesday that the central bank should consider lifting its target interest rate from its current low point of 0-0.25% that has been in place for more than 2 years.

FORBES: Trichet Cites Inflation Fears, Adding Strength To Euro