Meanwhile, Malaysia seems intent on reflating the bubble pricked by last year's regional crisis.

ECONOMIST: Dead Ostrich Bounce

Before the announcement, the scale of the task of reflating Japan was underlined by inflation data, showing prices fell by 0.5% between March 2012 and March 2013.

BBC: Bank of Japan lifts economic forecasts

In the meantime, a reflating of the Chinese bubble will be good news for American companies like Caterpillar (NYSE:CAT) and Freeport-McMoRan (NYSE:FCX) that are major exporters to China.

FORBES: Is China Deflating or Reflating the Bubble?

America's ultra-loose monetary policy is partly responsible for reflating the world economy, but demand from China is also playing a part, since it has pushed the prices of everything from copper to shipping skywards.

ECONOMIST: Buttonwood

The problem in the Eurozone is that with cash flight out of Greece, or out of the banking system into the mattresses of Attica, pumping money into the Eurosystem does not equal reflating the periphery.

BBC: Tick, tock: The risks of depositor flight in Greece

They are working hard at reflating.

FORBES: Interest Rates, Equities And Bonds: Getting Ahead Of The Curve