The article looks at how US monetary policy affects other countries, especially emerging markets. It shows that changes in US policy impact other countries through interest rates and exchange rates. Before the global crisis, countries like Thailand, Mexico, and Pakistan followed US interest rate changes. The US policy of "quantitative easing" affected capital flows to emerging markets. Some countries, like Russia, felt the impact through oil prices. Emerging markets try to work around US policy by regulating exchange rates and capital flows.