Absolute nonsense. The U.S. (and most of the world) was in really bad shape in 1920, and the Fed actually raised rates up to 7%. The gov't cut spending in half. We had pre-conditions for a 1929-style depression, but instead there was a painful 1-2 year cleansing period (without artificially-low rates or other manipulation) and it was over. The Fed lowers rates because they (at least the majority) believe their own dogma. And when the U.S. lowers their rate drastically, other central banks tend to follow. There's your "globally" low rates.
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3154254/ "We observe the opposite of (i) and (ii). First, we find that the stock market and yields move in the same direction, as pointed out independently by R. Werner [24]. Second, the stock market leads the yields, including and especially the FFR. The implication is clear: the central bank policy is (1) reacting to the stock market and (2) is following it. When the stock market exhibits a rally, the Fed tends to progressively increase its rates as an attempt to calm down the âoverheating engineâ, as occurred towards the end of the ICT bubble when the Fed rate was increased to 6.5%. A similar increase of the Fed rate occurred from 2004 to 2007. When the stock market plunges, the Fed tends to decrease its rates, in the hope of putting a brake on the stock market losses that negatively feedback onto the real economy via the wealth effect."
The value of your home probably isn't going anywhere for a while, take out a home equity loan and buy the market ............................................ wait a bit longer...... when the market finally gets to zero, buy it all. s