Danger ahead—that's the warning from Carl Icahn in a video coming Tuesday.

The activist says low rates caused bubbles in art, real estate and high-yield bonds—with potentially dramatic consequences.

"It's like giving somebody medicine and this medicine is being given and given and given and we don't know what's going to happen - you don't know how bad it's going to be. We do know when we did it a few years ago it caused a catastrophe, it caused '08. Where do you draw the line?"

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In a telephone interview, Icahn said he's "more hedged now than I've been in years."

"The Fed may have backed itself into a corner. They should have absolutely raised rates six months ago," adding it's difficult now because of global concerns.