In the wake o the recession, a lot o stimulus was added to the global economy. The level o global policyrates and fscal defcits defnes the trajectory o the sun. Fiscal tightening is scheduled almost everywhereor 2012. On monetary policy, while ination appears to be cresting, this more oten prevents planned policyrate increases, rather than ushering in another period o substantial easing. More monetary policy responsesin Europe are likely, but they are mostly intended to prevent a collapse o the Monetary Union as banks andgovernments de-lever.The height o each tree shows how much each variable has recovered, relative to its prior decline. For example,S&P profts, high-end retail and German GDP have now recovered almost all o what they lost during therecession, while US home prices and European peripheral employment are still close to their post-recessionlows. The three comparison points or computing the recovery are the pre-cycle peak; the lowest level o the lastour years; and the current value. One exception: US household balance sheet repair is computed as the declinein real per household debt rom the peak.Commodity countries like Canada, Brazil and Australia, whose GDP in aggregate is much larger than SouthernEurope, recovered rapidly. The speedboat is Asia, whose production and output suered only minor declines,and which have long since eclipsed pre-recession levels. However, credit and policy rate tightening have causeda slowdown to the Asian speedboat and the rest o the emerging world, compared to the booming growth rateso 2010. The deated volleyball is the European Economic and Monetary Union. See sources and defnitions atthe end o this publication.