With US government debts standing around $20 trillion, the Fed's decision on Wednesday to raise its benchmark interest rate to 1 percent will hardly reduce the uncertainties the world economy faces.

Although two more interest rate rises this year may eventually bring to an end of the unprecedented era of ultra cheap money, the global recovery from the 2008 financial crisis, the worst in more than seven decades, is far from done.

If the world's largest economy cannot come up with any credible plans or commitments to dig itself out of an ever expanding debt slough, it is simply too early for the international community to breathe a sigh of relief.