CNBC commentator Ron Insana recommends that the Federal Reserve delay a rate hike while the global economy settles down.

“I think the Fed has to hold off on raising rates,” he wrote in a blog on CNBC.com. “The U.S. becomes the ultimate beneficiary of the world's travails, as it becomes increasingly energy self-sufficient, regains its cost-competitive advantage in manufacturing, continues to innovate and builds on its demographic strengths,” he said.

The nation’s central bank would do well to listen to Insana, who late last month predicted “a meaningful correction of 10 to 15 percent” for U.S. stocks.

“My biggest worry is not about the U.S. markets, nor its economy. I worry about an implosion in China, and the attendant contagion risk it represents,” he said.

“In short, China is in deep trouble. That comes at a time when Japan is stalling again. Russia is mired in recession, as is Brazil, and the rest of the western world looks wobbly,” he said.

“Outflows from emerging markets are said to total $1 trillion, driving down currencies in those countries and causing significant distress in their financial markets,”

“That is true from China to Russia and from Mexico to Malaysia. Those emerging markets also dependent on oil revenues are at even greater risk of sliding down an oily slope,” he said.

“The markets are acting like they did before significant global setbacks, as with the 1997 Asian currency crisis; Russia's debt default in 1998, and subsequent collapse of Long Term Capital Management; and like they did in Japan in 1989; and, to a certain extent, especially in China, like they did before our market meltdowns in 2000 and 2008,” he said.

“Having said that, the U.S. is holding up better than the rest of the world. It would seem, then, that this impending crisis is not made in America.”

But not everyone agrees on where this current crisis was manufactured.

Newsmax Finance Insider Denis Kleinfeld pins the genesis of today's woes on the American government.

"Our financial crisis and stock market decline is not caused by China’s yuan tactics," he writes in his weekly blog. "The crash of the stock market was caused by our own government."

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• CNBC's Ron Insana: Dismal Growth May Thwart Fed Rate Hike