Whatever coordination existed between policymakers immediately after the world’s economic crisis is no more.

Start the policy tour with China. The regime’s leaders, worried about accelerating price increases that have taken the inflation rate to about 5 percent, have raised interest rates four times in five months. The one-year lending rate now stands at 6.31 percent, which the regime hopes will prevent the unrest caused by rising food prices without triggering the unrest that would follow if the economy slowed too much, creating a large reserve army of unemployed labor.