Prices globally have shot up because of a massive reduction in supply (to the west) of oil due to Russia's invasion of Ukraine, and supply (globally) of food fo

Prices globally have shot up because of a massive reduction in supply (to the west) of oil due to Russia's invasion of Ukraine, and supply (globally) of food for the same reason. None of that was to do with "blank checkbooks". Energy prices were increasing before then, but the whammy of the invasion really screwed things up.