Time can be bought by the rest of the world as the fed "fixes" things in a relative way by causing some inflation expectations, real inflation, commodity rally, weak dollar and lower rates.
There is a lot of real fed driven easing/risk on happening with a shift in rate hike expectations.
So, is the rally in the yen and euro totally a lack of faith in their respective central bankers or
painful yet acceptable collateral damage as Yellin takes the drivers wheel?
My point is , once again, that I think "this can be serviced and maintained for this year
at least. August was a "new" China problem coming to a head that is now being serviced by the world to maintain things. If it, (new problems) do not crack the system they get on with the work of maintaining "it".