All fiat currencies are backed by the USD. All commodities that matter are priced in USD. Countries must acquire USD to buy oil. Therefore we increase interest

All fiat currencies are backed by the USD. All commodities that matter are priced in USD. Countries must acquire USD to buy oil. Therefore we increase interest rates, makes USD-denominated debt harder to manage, increases demand for dollars, weakens other fiat currencies, dollar is strengthened. What USA business can do now is swoop in and buy all foreign capital assets at pennies on the dollar. Go to Sri Lanka and buy whatever factories and industrial capacity they have. Emerging market crashes are great for the USD money printing country.