Events were different in 2008 and 2009 than now, so the Federal Reserve has to work with markets, tying its actions more to the economic outlook than repairing the functioning of security markets.

The experimental-drug phase of monetary policy has begun, and Japan is leading the way with a round of quantitative easing. Facing the looming threat of deflation, the United States will soon follow Japan’s lead.

The focus of the Federal Open Market Committee's meeting will be on how recent financial market developments, mainly in reaction to a perceived overly expansionary longer-run budget policy, are putting the incipient recovery at risk.

Worsening economic conditions will force central banks to resort to more aggressive quantitative easing until the economy recovers.

How the responsible investment movement is learning to work with private equity, and vice versa.

"Engineering a successful transition out of deflation is one of the most challenging aspects of monetary policy, but the Bank of Japan just might be able to do it this time."

Losing money is embarrassing. And an embarrassed Jamie Dimon publicly admitted that J.P. Morgan Chase goofed. Three senior executives lost their jobs as a result. But politicians and regulators in Washington are rushing to leverage the bank's misfortune for their own gain.

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.