Federal Reserve Chairman Jerome Powell’s stern warning from Jackson Hole, Wyo., that the bank will continue raising interest rates until “the job is done” firmed up the dollar’s decades-high value, worsening the vicious and unsustainable debt cycle of developing and emerging market countries. As the dollar rose in value, these economies found it harder and harder to repay their dollar-denominated debts, because they had to exchange more local currency and draw down their central banks’ hard-currency reserves, a safety cushion protecting a currency’s liquidity. The crippling debt compounds countries’ chances for economic collapse, with scenes of social unrest, as we saw in Sri Lank
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