I'm concerned more worldwide banks might collapse caused by raising interest rate by the Fed 1/4 % interest

Of course it's all a balance. However, the problem becomes do you want everyone's life being destroyed (bank collapses) or do you want poorer people's lives destroyed (through inflation). It's a hard choice I know but the choice the Fed appears to be making is to destroy everyone's lives through more bank collapses.

Of course this is my personal opinion.

That being said, they might be doing the right thing even if more banks collapse in avoiding another Great Recession or Great Depression 2008 or 1930? It's really hard to say at this point.

However, we have the best economy on earth right now because Russia's economy and China's economy are both screwed from Covid and from Russia attacking Ukraine. However, Putin doesn't seem to care whether everyone in Russia dies fighting this war that has already killed more Russians in one year than Americans died in the Viet Nam war in 10 years.

From an American point of view this is all nuts and crazy wacko but in some ways the world has always been nuts from any point of view you want to have.