Another of those famous Stephen Roach columns: "Is inflation global or local? That is a key aspect of the macro debate, which is now moving to center stage in financial markets. Generations of economists, policymakers, and investors are trained to look at inflation as a closed-economy phenomenon, driven by the “cost mark-up” models of yesteryear. However, as an unmistakably powerful convergence of inflation rates around the world suggests, globalization argues for a different approach. Country-specific inflation calls are increasingly becoming global inflation calls."
If inflation is global, then who's the World's Banker? Probably the US Federal Reserve for now.