You finally got the keys to the executive suite, Janet Yellin. And, oh, about that easy money…wadda ya gonna do to avoid a nightmare?

As I wrote way back, I thought the whole debate over who should run the Federal Reserve Board was a really dumb debate. But, here you go, now what do you do…cuz you could cause a complete collapse:

A premature exit by the U.S. Federal Reserve from its easy-money policies could cause $2.3 trillion in global bond portfolio losses, the International Monetary Fund warned Wednesday.

Although the IMF assumes in its latest economic forecasts that the U.S. central bank will unravel its policies at a tempered pace, the fund said the market’s volatile reaction to Fed exit comments earlier this year show there is still a risk of moving too fast.

So, what does Janet do? It’s the fundamental debate in some way about the role of the Fed — do you cater to the bond market or to the people who actually need more injection of money into a system that is still very, very sick.