Still Think Rates Are Rising Due To Growth (Not Taper)?

In a desperate need to keep the spice flowing into the commission-takers' pockets, any and every excuse is being pulled out of the hat for why interest-rates are rising and why Emerging Markets are collapsing; apart from the most obvious - that the market is terrified of the end of the 'flow' of Fed liquidity. The following chart suggests otherwise. While correlation is not causation (but it suggests you're close), the relationship between "Taper" fears and global bond yields is clear as the global Fed carry trade unwind accelerates.

And for those who look at the equity market with some sense that "it knows better" - what did the equity market know in the run-up to the fiscal-cliff (before dumping), the US downgrade (before dumping), Lehman (before collapsing), the dot-com bust (before dumping), and of course 1987...?

Chart via @M_McDonough