Bernanke's speech...

...That will be featured all over tomorrow is a classic case of its kind in political diversion. I will comment more in time.

One source of these
tensions has been the bifurcated nature of the global economic
recovery: Some economies have fully recouped their losses while
others have lagged behind. But at a deeper level, the tensions
arise from the lack of an agreed-upon framework to ensure that
national policies take appropriate account of interdependencies
across countries and the interests of the international system
as a whole. Accordingly, the essential challenge for
policymakers around the world is to work together to achieve a
mutually beneficial outcome--namely, a robust global economic
expansion that is balanced, sustainable, and less prone to
crises.