Ben Bernanke is the Most Powerful Man in the World.

Bernanke's actions at the Federal Reserve ripple throughout the globe, especially into emerging markets.

A surge of capital is flowing into emerging markets as money flees the U.S., Europe, and Japan in the hope of higher returns.

The perception is that emerging markets offer stronger profit growth for their stocks, higher interest rates for their deposits, and the potential for currency appreciation.

Yet it's not all roses for the emerging economies involved.

That's because the surge of money seeking emerging markets is an example of how easy monetary policy in the developed world spills over into the developing one. Emerging markets nations try to tighten monetary policy... but are then beset by waves of foreign capital entering their countries. This negates the domestic tightening effort since foreign money is sloshing around their economies, and it's how Ben Bernanke is actually the entire world's central banker.

Inflating our dollar's value away so that we are forced to bubble-ize emerging markets doesn't seem like great policy to me, but I'm not a central banker, so what do I know.