Make me understand, World Economy

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I'm sure all of us have heard about the recession. the thing that i don't understand is why is it affecting the whole world? are we that dependent on US? why is everyone panic when the US dollar value reduces? maybe not americans but we should be happy what,it's cheap. the thing that pisses me off the most is why they are the ones who set how much the fuel price is when the middle east countries are the biggest oil producer..pls do share your knowledge with me cause i really don't understand all this..