Having cautioned the Fed on the likely spillover consequences of any US tightening, both Raghuram Rajan, governor of the Reserve Bank of India, and Agustín Carstens, governor of the Bank of Mexico, recently reversed their position and on the “if it were to be done” principle, urged the Fed to get it over with. This has caused constenation at the International Monetary Fund, which still thinks the risks are too high. You pays your money, you takes your choice. Whatever the Fed does is almost bound to cause problems. Exiting such a prolonged period of ultra-loose monetary policy is proving almost impossible to do without upset. As the BIS has repeatedly warned, seven years of easy money in response to the last crisis has simply laid the ground for repeated future crises.