Time and again the spotlight is always shifted to ECBs and BoJs. In your article, I see no numbers of the Fed and US Treasury activities. How much is the treasury outstanding? The US is skating a bit too long on the validity and strength USD. The unwinding therefore will start to happen in the US first, and not in Europe or Japan. Why do you think that the ECB and BoJ experiments are any dirtier than what the Fed is doing. Just because the debt is purchased by fellow bankrupt countries in a soon to be devalued ccy, doesn't make the equation any holier.
At least I see a change of tone in this article, compared to the previous ones where the usual rant of the sea of dollar inflows lifting the boats of emerging markets and how the tide would turn etc. The focus should be on America, where the unemployment is high, inflation is high, savings are low, home-prices are growing at unhealthy pace etc. A so-called powerful economy cannot bear 25bps rate hike over what 8 years.. is no good in my opinion.
PS: Your statement 'issuance of govt debt is a restrain on inflation'! That's illogical. The money that govt raises is soon spent in unproductive ways which whips up inflation.