In this post-financial crisis world, the Fed has taken a Keynesian edict and turned it on its head: instead of the government stepping in after a crisis to make up for the loss of aggregate demand from the private sector, it has fallen to central banks.

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It was the logical outcome of the series of discussions between the US Treasury and the private sector after the crisis broke, he said.

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The toxic debt that was held by the private sector before the crisis has now been transferred to sovereign balance sheets as well as those of global central banks.

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The crisis is engendering a combination of public-sector austerity and private-sector uncertainty.

ECONOMIST: The euro

Fresh developments coming out of the European Union debt crisis Tuesday included some dimming optimism regarding Greek officials and their private sector discussing their debt restructuring.

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Brown's government is limited in how much it can stimulate the economy: Prior to the global financial crisis, Britain's private sector and public sector already experienced growth that was above the norms of the Group of Seven industrialized countries, and unemployment looked unaturally low at 3.6% in 2000.

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