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The article discusses the emerging market equity and economic boom that the world experienced between 2009 and 2011. It states that Federal Reserve's creation of 2008-2010 could not be fully absorbed by the U.S. after panic and recession. It states that the Federal Reserve being the de facto central bank of the world monetary system makes the paper dollar the monetary standard of the world banking system. It discusses the Federal Reserve and foreign financing of the U.S. balance of payments deficit and the government budget deficit, which have been behind every boom and bust cycle since 1914.