Equally important, frothy asset prices could cause damage long before any bubbles burst, by increasing the risk that central bankers make mistakes.

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The doubts burst into the open on August 9th when central banks were forced to inject liquidity into the overnight money markets because banks were charging punitive rates to lend to each other.

ECONOMIST: The crisis of confidence

The apogee of central planning occurred in 1957, when the greatest central planner of them all, the Soviet Union, suddenly burst ahead in the space (and technology) race with Sputnik I.

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Since delaying the crisis will only increase its magnitude, when a quantitative bubble in public debt seems likely to burst, the responsibility for making hard choices falls on central banks.

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Instead, he felt that central banks should wait to mop up the mess once the bubble had burst.

ECONOMIST: A must-read on the origins of the crisis