“The U.S. Federal Reserve holds inordinate sway over the world’s economies,” MSU Finance Professor D. Brian Blank writes. “Its power is primarily because of the dominance of the U.S. dollar, which soared in recent months as the Fed’s aggressive interest rate hikes made the greenback more attractive to investors. But this has a downside for other countries because it is fueling inflation, raising the cost of borrowing and increasing the risk of a global recession.”