You think the Federal Reserve is to blame for this, and not the relative scarcity of global investment opportunities compared to the cumulative stock of global savings? &quot;Blame the Fed&quot; is a common refrain, but I&#x27;m not convinced that their policy choices have had quite the magnitude of effect that people attribute to them.<p>Though I don&#x27;t disagree that Fed policy (along with the US government&#x27;s &quot;too big to fail&quot; mentality) has exacerbated perverse incentives in the American banking sector.