I have absolutely no doubt that today's monstrous attack on world order is a creation of the Fed's own making. It was started by the Fed when the FOMC pushed rates to the 'emergency' level of 0% in 2008, but then failed to raise them when markets resumed functioning properly and were no longer considered to be in an 'emergency' state.

The Fed rightly gets the blame, simply because the US has the world's reserve currency; therefore, all other central banks had to follow the Fed's lead in cutting rates, or their country's currency would have strengthened too much, leaving their exports uncompetitive.

Japan may have been the first major developed economy to move rates to 0%, but this is the wrong comparison for three reasons: 1) the Yen is not the world's reserve currency; 2) most of its debt is owned by its own people; and 3) Japan's real problem is a rapidly shrinking population.