I have been sitting here watching the action on the US Dollar in the wake of Ben Bernanke's decision to keep the key interest rates at 2%.

With this decision, the US now joins the rest of the world in getting aboard the inflation fighting bandwagon. The past number of years have seen spectacular growth stories. Manufacturing has boomed in Asian and even here in the US growth was most evident in the housing market.

But growth has consequences and inflation is perhaps the greatest consequence. Now Central Bankers are on a mission to beat back the savage beast of inflation. Problem is, many Central Bankers started their mission against inflation many months back.

Bernanke's move to finally commence his mission is akin to a contestant joining a beauty contest at the last minute. While the playing field may seem level, it is not. The other candidates at the contest have all had time to practice their stuff and to finesse their beauty. Now Ms. USA must compete against a series of beauties from Asia who all sport much higher interest rates. Ms. India proudly displays an 8.5% rate while Ms. Australia struts an impressive 7.5%. Ms. Eurozone portrays a nice 4% which will soon blossom to 4.25%. Even Ms. Canada – a close friend of Ms. USA- enters the competition with a rate over 3%.

As the judges watch the contestants to determine the ultimate winner, sadly Ms. USA who has arrived late with her 2% interest rate will probably not fare too well at the contest. This is going to be a contest unlike any other. In past events, Ms. USA always seemed to be able to come from behind and impress the judges. But, not this time. The world stage is changing. This shall be a beauty contest to remember for a long time to come.