1. There were no important supply side shocks. There were "expected" shocks and a bunch of panic buying. This was converted into an excuse for price rises with

1. There were no important supply side shocks. There were "expected" shocks and a bunch of panic buying. This was converted into an excuse for price rises with concomitant profit increases. If it were a supply side shock, you'd see profit rates also falling or staying the same, after profiteering is done. 2. US literally tanked every currency of every economy due to fiscal manipulation, economies which were unable to compensate. China and EU mostly managed. (Where Euro is used, that is.) Everyone else got extra smashed. 3. Fed only defrauded other economies, but USA is also pretty hit by the greed.