There is no evidence that Mr. McGugan understands anything about the subject matter he expounds upon except for the 3rd hand garbage the Globe and Mail exchanges on their journalists network.  There is no rational way to interpret the Canadian, British, and European central banks update on their respective economies inclusive of openness to raising their economic jurisdiction's interest rates as "a co-ordinated global effort."  The effects of globalization lends itself to reducing the amount of independence between trading economies but hardly eliminating it.  Modern monetary economic policy of economic jurisdictions subscribing to floating currency exchange rates works largely via the central bank purchasing and/or selling central bank short term notes (Treasure Bills, if you speak American,) and never "stocks, bonds, and real estate."  bonds will be most directly effected by change in interest rate policy; the remainder indirectly as a currency's foreign exchange rates.  More?...