The difference between the various economies was there to see: in Australia we’ve had a succession of senior central bankers explaining how we can cope with the returning boom; in China there seems to be a change in policy on the way with its central bank thinking along the same lines.

In the US a day ago, four Federal Reserve board members tried to explain to Americans that while the economy is definitely recovering, it’s not really doing so in the conventional sense and why the Fed intends keeping interest rates at the present record lows “for an extended period of time”.

And, when one of them uses the word “suboptimal” to describe the likely growth part in the American economy over the next year or more, with Australia and China  moving to an “optimal’ level of growth, and perhaps heading higher, the whole horrible reality of the US economy is exposed for all to see

All in all, the speeches from four senior governors in the Fed should make those more aware economists and analysts go back and recrunch their earnings forecasts, especially for 2010 and 2011.

They are likely to be less than happy with the outcome. As well, a fifth Fed president spoke separately at a conference in London.

In fact, the trio of speeches from Dennis Lockhart, from the Atlanta Fed, Janet Yellen, from the San Francisco Fed, and Richard Fisher, of the Dallas Fed, was the most concentrated bit of jawboning from the US central bank for months. With the comments from the two other regional Fed leaders, the point was rammed home: the US economy is in recovery, but it sure ain’t strong and won’t be for a year or more.

Fisher said US economic growth and inflation may persist below ideal levels into 2011, making the central bank’s current interest-rate stance “appropriate”.

“It will take some time, in my opinion, to get back on a steady pathway to a pace of growth that will result in significant job creation.

“We are in for a long slog. We had a snapback in growth in the third quarter and can expect that will continue in the current quarter.

“But looking into 2010 and perhaps to 2011, the most likely outcome is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued.”

“The strength and durability of the expansion is in question,” said Janet Yellen, president of the Federal Reserve Bank of San Francisco, in Phoenix, Arizona. “High unemployment, weak job growth and paltry wage increases are a recipe for sluggish consumer spending growth and a tepid recovery”.

“We face an economy with substantial slack, prospects for only moderate growth, and low and declining inflation. ”

Dennis Lockhart (Atlanta Fed) said that “At this juncture, it’s hard to be encouraged about a fast rebound in job growth.”

“Data on foreclosures, unemployment, personal income, and bank failures continue to disappoint. Also, nonresidential construction continues to decline, and state and local government budgets remain severely constrained.”

But Richmond Fed President Jeffrey Lacker was more upbeat than his colleagues, telling the CNBC business channel that the broad contours of recovery would be the same even without government stimulus.

Nevertheless, he made clear he was not looking for a rate rise (He’s a noted “hawk” on the Fed). Asked if a hike was in the cards for 2010, Lacker, said: “It is too soon to say … it could take longer than that. What I’m going to look for is growth that is strong enough and well-enough established that we need higher real interest rates.”