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GLOBAL ECONOMY-Obama returns fire after China slams Fed's move

• www.reuters.com
* Obama says U.S. low growth or no growth danger to world

* China says U.S being irresponsible over QE

* Russia says G20 should have been consulted by Fed

* Trichet: c.bankers insist no currency weakening sought

(Adds Zoellick gold proposal, Fed members, Palin)

By Patricia Zengerle and Krittivas Mukherjee

NEW DELHI, Nov 8 (Reuters) - U.S. President Barack Obama defended the Federal Reserve's policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week's Group of 20 meeting.

The G20 summit has been pitched as a chance for leaders of the countries that account for 85 percent of world output to prevent a currency row escalating into a rush to protectionism that could imperil the global recovery. [ID:nSGE6A703T]

But there is little sign of consensus.

The summit has been overshadowed by disagreements over the U.S. Federal Reserve's quantitative easing (QE) policy under which it will print money to buy $600 billion of government bonds. The move could depress the dollar and cause a destabilising flow of money into emerging economies.

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