Why can one interest-rate decision in Washington trigger currency crashes, inflation, debt stress, and political turmoil thousands of miles away?

In this episode, we explore how Federal Reserve rate hikes strengthen the dollar, pull capital out of emerging markets, increase the burden of dollar-denominated debt, and force vulnerable countries to make painful economic choices. From Latin America’s debt crisis to the taper tantrum, this is the story of how the U.S. Federal Reserve became one of the most powerful forces in the global economy.