I disagree. Consider the housing bubble - it was tipped off by the response to the internet bubble, low rates from the fed so that people would borrow to get th

I disagree. Consider the housing bubble - it was tipped off by the response to the internet bubble, low rates from the fed so that people would borrow to get the economy moving again, e.g. by buying housing. Low rates result in more lending and buying, more lending and buying leads to price appreciation (pay attention, as this sequence is playing out again now), and eventually enough price appreciation and easy money leads to irresponsible lending and mania. The depreciation of the dollar through easy money lending has indirectly caused the bubble through the practices it encouraged.