Below are some excerpts from our latest macro note, “Front Loaded: China, Volatility, and Debt Deflation.” The full report with the charts and footnotes is on www.kbra.com. The key question raised by the comment is this: Do Chair Yellen and the other members of the Federal Open Market Committee actually believe that there is a positive trade-off between the “benefits” of QE and zero rates and the carnage now unfolding in the global capital markets?