Wasn't the lack of inflation driven by countervailing deflation from moving supply chains into lower cost regions like Eastern Europe and China? It's been a good 30 year run but that chicken is now coming home to roost.
It is tough being mid 40s and realizing my entire adult life was a golden age that is gone forever.
I do agree You're right that we are probably seeing the effects of globalization policy though, but I can't say I've thought much about that long of a time frame.
Mass onshoring will likely drive higher prices.
Cathie Wood thinks that more technological improvements are coming to counter-act this, and might even cause deflation. Most commentators are unconvinced.
It took a while for banks to extend themselves based on capital like they did prior to 2008. Once they did, the full extend of the "new money" drove inflation.