"QE has forced capital into weak places in the world. And it's really the opposite of capitalism. Capitalism should put money in strong hands."
(Read More: QE's Effects in 8th Inning: Jeff Gundlach)
McDonald pointed out some of the recent global volatility:
- Indonesia 10-year is off 8 points in three weeks
- Portugal 10-year yield up to 6.41 percent, highest since Feb. 27
- Economies with commodity exposure to GDP seeing sharp credit weakness
- Mexican peso moved more than 9 percent in 30 days
- U.S. dollar off 4.2 percent from Bernanke taper moment on May 22
- Australian dollar off 9.4 percent since mid-April
- Dollar/yen off 9 percent since May 23
McDonald suggested keeping an eye on when the market turns risk-off.
"I would say, enjoy these rallies. Buy fear, though," he said.
(Read More: 'These Are Very Scary Times': Dennis Gartman)
"At your greatest moment of fear, do the opposite of what you want to do. You're going to buy fear. And the people that bought fear the last four years have made the most money."
Trader disclosure: On June 13, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Brian Kelly is long TLT; Brian Kelly is long Treasuries; Brian Kelly is long Australian dollar; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Jon Najarian is long INTC; Jon Najarian is long WMT; Jon Najarian is long BBRY; Jon Najarian is long MSFT; Jon Najarian is long DIS; Jon Najarian is long DDD; Jon Najarian is long FNSR; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is short GLD PUTS.