The recession stemmed from inflationary monetary policies which spurred over-investment in residential real estate.

FORBES: Bernanke Plus Obama Equals $5 Gas Post Election

But what central banker would risk being blamed for causing a recession, particularly when inflationary pressure in advanced economies appears low?

WSJ: Central Bankers' Change

Nearly half a century later, Paul Volcker in 1981-82 put the country into a deep recession with high interest rates to curb inflationary expectations that were out of hand and destroying our competitiveness.

FORBES: Magazine Article

The current monetary inflation that is the Bernanke boom-bust-to-be is already multiples larger than the monetary inflation that produced the tech bust and, at this point in the boom-bust cycle, even larger than the inflationary surge that gave us the housing bust turn Great Recession.

FORBES: The Next Great(er) Recession Now Baked In The Cake?

Interest rates were raised progressively until last summer, when people feared an inflationary boom, and have been cut sharply since then, to head off a recession.

ECONOMIST: Inflation

But it would be better to have that inevitable recession as far into the future as possible, and preferably with a little inflationary cushion and some room for active policy responses.

FORBES: Deflation Dissected

That has raised global concerns that China will have to tighten so much to prevent an inflationary spiral that it will bring its economy in for a hard landing, into a recession.

FORBES: Bill Gross May Be Wrong, It's Time To Buy U.S. Treasuries