> caused by the money supply rather than the extremely visible effects of the broken supply chain Supply chains disruptions are a core feature of monetary infl

> caused by the money supply rather than the extremely visible effects of the broken supply chain Supply chains disruptions are a core feature of monetary inflation, and they always have been. When you adjust the price of money (interest) to where it is more affordable to pull future consumption into the present, one day the future becomes the present. And that is a future where there is a shortage: the hardworking ants eventually do get the better of the summer grasshopper. That it need be said, but this current supply shock was predicted by everyone not enthralled to Keynesian policy prescriptions. The 1970s saw similar supply shocks and inflation, caused by (1) the Nixonian debasing of the monetary system in throwing off the last vestiges of the gold standard, and (2) various incompetences of spending and energy policy failure in the Carter administration. This is what happens when you think there's a centrally planned "natural" rate of interest for the economy, and don't allow interest rates to be accurately priced on a per-instrument / sector / commodity basis.