Give HNers more credit:) I do think the current situation is complex. The "World" shifted a great deal of it's manufacturing capacity to Asian (China). Inflatio

Give HNers more credit:) I do think the current situation is complex. The "World" shifted a great deal of it's manufacturing capacity to Asian (China). Inflation also occurs when the supply of "stuff" is insufficient. There has been a couple of factors contributing to lack of supply IMO. China is still dealing with Covid and the Chinese gov't has taken a decidedly authoritarian turn. The authoritarian turn is reshaping the policies held by democracies regarding trade and military readiness which is affecting supply of "stuff". China is starting to be seen as less of a partner and more of a threat. That is not to say that dumping all the cash didn't exacerbate things. But the rate at which the rates are being raised are also a factor. There was a time when the current rates were actually considered high but within the norm.