QE2 as a game theory optimization problem...

Myron Scholes on QE2.  Points #4 and #5 are particularly interesting.  QE2 really does feel like a game theory optimization problem working itself out in the real world.  If Bernanke makes the optimal move (and the world recognizes that his move is optimal), then QE2 may be harmless/net positive.  If, however, Bernanke doesn't make the optimal move (and/or the world doubts or doesn't think that he has done so), then the negative effects of QE2 will likely outweigh the positives (i.e. other countries may respond in a way that causes everyone to lose).  Which outcome seems more likely?