Doug Noland: New World Disorder

``I actually believe the faltering global Bubble has progressed beyond the point where Fed rate policy has much impact. Yet the Fed is determined to "push back against a tightening of financial conditions." But are so-called "financial conditions" being tightened by happenings in China? Or is the culprit pressure on yen and euro short positions? Could it be because of a panicked "hot money" exit from EM -- exposing Trillions of problematic dollar-denominated debt? .... Analysts and the media always like to pick a culprit du jour. Perhaps chair Yellen and the FOMC is beginning to appreciate that it is not in control of the markets -- and is certainly not in control of the faltering global Bubble.''