Why will the rise in US interest rates affect the rest of the world?
One of these is true.
Explanation #1: Because of how it changes the cost of borrowing in US dollars (which lots of the world does), the price of US bonds (which lots of the world owns), and the dynamics of import/export prices.
Explanation #2: Because the Illuminati want it to do so.
The Pitch Fork Brigade keep gibbering on about the US being overtaken by China
I (like you) remember the talk of Japan taking over the world in the 80's, and buying up all of America. Then, their economy crapped the bed, and they had to sell those assets back at prices much lower than the highly bloated ones they paid. The same might happen with the Chinese. There are only so many ghost cities you can build before the bloom comes off the miracle.
So is the US bankrupt or not?
Yes. (So are most other countries, though.)
Is North Korea or Iceland to blame for China making rubbish He-Man characters?
Greenland is to blame. (However, we know that it is a puppet government of North Korea, with whom it is attached by a gigantic secret tunnel.)