The policy tribes in developed countries rarely miss a chance for self-congratulation and now is no exception. As they will point out in op-eds and talk shows, and then point out again, they have responded quickly to the challenges of financial crises with massive, bold programmes - so unlike their predecessors in the late 1920s and early 1930s. And if what has been done isn't bold and massive enough, the next series of programmes will be even bolder and more massive.

The policy people won't consider, let alone disclose or discuss, the second order risks of what has been done so far. That would interfere with the self-stroking and personal rent-seeking.