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ii) After the Lehman shock, the emerging markets did their bit to support global growth "with huge fiscal and monetary stimulus" of their own.
That meeting of the Group of Seven came at a time when the extraordinary financial rescues and fiscal and monetary stimulus of the crisis seemed to have done their job and the world economy was on the mend.
But whether in the United States, Europe, or elsewhere, the big doses of monetary stimulus of the sort the Fed has been administering since the global financial crisis erupted five years can go only so far in healing sick economies.
Without the dramatic decline in energy costs and the monetary stimulus of quantitative easing, it is likely that the American economy would already be back in a serious recession.
So King it was, and, although there were times during Brown's finest hour – the Bank recapitalisation of 2008 and the G20 fiscal and monetary stimulus of April 2009 – when Brown and King got on better, relations between the Bank and Labour in those latter days were often fractious.
But Summers learned the hard way, and was a powerful force for good in Obama's White House when it came to rescuing the system, in the face of Neanderthals who opposed the worldwide fiscal and monetary stimulus of 2008-09 and the rescue of the banks.
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"The very low eurozone inflation reading for August reinforces pressure on the ECB to consider further monetary stimulus on top of what is already in the pipeline," said Martin van Vliet, of ING.
The Bank of Japan unleashed an intense burst of monetary stimulus on April 4, promising to double the supply of money through aggressive asset purchases to meet its 2 percent inflation target in roughly two years.
Investors were not enticed by the minutes from the Federal Reserve's most recent meeting, at which policy makers kept alive the possibility of a fresh round of monetary stimulus for the moderately expanding economy.
The appointment of the new Fed chair Janet Yellen, a strong proponent of monetary stimulus to boost the recovery, should help the Democrats.
The Fed, Trump claimed, was applying overdoses of monetary stimulus to hypnotise voters into believingeconomic recovery was under way.
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