Here is a picture of the Central Banks' monetary activism to-date:
The chart above sets 2005 = 1000 and indexes the uplift in Central Banks' balance sheets expansions: Fed almost x5.6 times; PBoC almost x6.4 times, ECB almost x2.3 times and heading toward x3.3 times under the ongoing QE, BoJ almost x2.1 times... not surprisingly, the old Fed 'put' is now pretty much every Central Bank's default option...
Much of this mountain of money printing has gone to grease the wheels of sovereign debt markets. Much of the resulting revaluation of financial assets is simply not sustainable under the premise of the Central Banks' 'puts' withdrawal (monetary tightening).
In simple terms, the ugly will get uglier and we have no idea if it will get any better thereafter.