The US’s selfish war on inflation will tip the world into recession

As the Fed raises interest rates, dollar-denominated loans become an unsustainable burden to states around the globe

Later in July US interest rates are expected to jump for a second time this year, and that's going to wreck any chance of a global recovery.

The Federal Reserve could push its base rate up by as much as a full percentage point, ending 15 years of ultra-cheap money, intended to promote growth.