yes but in that case the Fed rode to the rescue and delivered the greatest bull market in US history. There's absolutely no way the next decade looks like the last so this is a poor comparison.
As far as rebalancing --- you may have noticed stocks and bonds falling in unison this year, so rebalancing is not much help.
But EU has had negative interest rates for years, and will collapse (break up the eu monetary union) before USA goes under. Dollar strength confirms capital is moving into USA.
As far as rebalancing --- you may have noticed stocks and bonds falling in unison this year, so rebalancing is not much help.