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The Fed has long argued that central bankers should not try to prick asset bubbles, but must mop up the mess promptly when they burst.

美联储长期以来一直认为，中央银行不应该尝试去戳破资产泡沫，而必须在泡沫破裂后迅速地收拾残局。

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Even when they do have the right tools, central Banks have preferred to wait till bubbles have burst, before mopping up afterwards by cutting rates.

尽管央行握有正确的工具，它们还是倾向于等泡沫破灭之后再出手，通过降息来收拾残局。

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

ECONOMIST: The world economy

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.

FORBES: Digital Rules