The United States should not be able to dictate how the global financial system works, and if it wants to protect the global economy, it must not allow its allies to dictate the rules for the global banking system.

That’s the view of a leading economist who has worked for the U.S. Federal Reserve and its predecessors and is now a professor at Harvard University.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

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