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The Federal Reserve is facing some intense global criticism as leaders from around the world get ready to meet in South Korea on Wednesday.

Last week, the U.S. Federal Reserve said that it would pump another $600 billion into the nation’s economy through the purchase of long-term Treasuries, a move known as quantitative easing, or “QE2″ as it’s the second round of such measures.

The announcement has since elicited fears that it could reignite inflation pressures, cause a new global asset bubble or spark a “currency war” where nations devalue their own currencies to keep their exports competitively priced.

President Barack Obama will hear certainly hear some of those complaints when he arrives at the G-20 meeting in South Korea.

The harshest criticism so far came on Friday when German Finance Minister Wolfgang Schäuble told reporters that, “With all due respect, U.S. policy is clueless.”

“It’s not that the Americans haven’t pumped enough liquidity into the market,” he said. “Now to say let’s pump more into the market is not going to solve their problems.”

Schäuble elaborated in an interview with the German magazine Der Spiegel where he stated that the Fed’s move undermines attempts by the United States and Europe to get the Chinese to allow its currency to rise in value.

“It’s inconsistent for the Americans to accuse the Chinese of manipulating exchange rates and then to artificially depress the dollar exchange rate by printing money,” he said in the interview.

Chinese officials have so far been more subtle with their criticism of the Fed’s move.

People’s Bank of China Governor Zhou Xiaochuan said the Fed’s move could be “a good choice” for the U.S. but might that it could contribute to global imbalances by devaluing the dollar and causing a flood of cash into emerging economies.

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President Obama’s mortgage program appears to officially be a bust.

Over 1 million borrowers who previously signed up for the $75 billion mortgage modification program have gotten out of the program.  That number far and away exceeds the number of people who have managed to have their loan payments lowered in order to help them stay in their homes.

In May alone, over 150,000 people exited the troubled program.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

Read more on the program’s massive failure here.

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