To the first question, both. Many developed countries that did not practice QE are also seeing rising inflation. Having said that inflation in the US is particu

To the first question, both. Many developed countries that did not practice QE are also seeing rising inflation. Having said that inflation in the US is particularly high, but then again there’s historical precedent for that. So it’s a messy picture, but a large chunk of current inflation seems global and systemic. As for where is the money going? The rising costs are due to increasing demand and simultaneous reductions in supply. A lot of pent up demand deferred by the pandemic has been released. Meanwhile suppliers have lost capacity due to shutting down factories, slimming down work forces and not maintaining or replacing equipment. A lot of the money from increased costs is invested in ramping up production again. This is pulling people back into employment and kickstarting businesses that were suffering in the lockdowns. It’s funding necessary work. But some of it is being taken by suppliers who find they can ramp up prices and people will still pay.