In many cases of past rebalancing, an undervalued exchange rate also led to excessive growth in money supply, making it harder to tame inflation.

ECONOMIST: Economics focus

As a result, the Series A Crunch is nothing more than excessive demand for a limited supply of Series A financings.

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Critics have, for example, worried that it will lead to excessive increases in the money supply and ultimately to significant increases in inflation.

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Historically, inflation has risen when money supply growth is excessive.

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Large capital inflows have forced China's central bank to buy massive quantities of dollar reserves, which have spilled over into excessive growth in the money supply and credit.

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Contrary to conventional wisdom, net Fed assets have not increased for about 18 months and money-supply growth has not been excessive for the circumstances.

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Rising foreign-exchange reserves boost the money supply, causing higher inflation and excessive bank lending.

ECONOMIST: Economics focus

Two schools: One is saying that the spike is the result of excessive speculation while the other holds the more traditional position that the increase is a function of supply and demand.

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The biggest supply-side obstacle to future growth may no longer be (if it ever was) excessive regulation or inflexible labour markets, but a corporate culture that finds it easy to tolerate low returns and difficult to tolerate outright failure.

ECONOMIST: Fallen idol | The