I thought I would share this with our Photoshop CC users.
Earlier today I activated the Frame Tool (K) to create a Placeholder frame for my image and encountered a problem. When I went to the Libraries panel to drag-&-drop my image onto the Placeholder frame, the following error message popped up.
Something went wrong initializing Creative Cloud Libraries.
The Adobe engineers are still working on a solution for this problem. Meanwhile, you will need to use the workarounds they suggest in this document.