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Emerging market currencies have been under considerable stress this spring and summer. Many policymakers in affected countries have been blaming the US Federal Reserve's exit plans for its asset purchases, known as quantitative easing, for their currency's woes. Brazil, for example, has even announced a large, $60 billion, foreign exchange intervention program to try to dampen the slide of the real. Unfortunately, our analysis suggests, first, that the Fed's potential exit from QE is only a small part of emerging market currency problems, and second, that intervention activities are unlikely to work although they will certainly drain the resources of the central bank.