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Comment by bryanlarsen | Hacker News Reader

The countries that did not engage in significant QE are also experiencing significant and similar inflation.

Of course since every country imports a ton of goods.

Even if I had stable wages and production in my country, if suddenly every trade partner was charging me more for my imports (for example due to supply chain constraints), then my inflation would go up.

It is very stupid to just speak for inflation by looking at one country.

This feels like a cop out. If this were just a property of imports and US monetary policy, then should foreign inflation be in proportion to US imports?

Even for US production, if we assemble let’s say motherboards with imported microchips, suddenly our prices went up. It is not because wages were up. Crushing the wages and sending people to unemployment will not solve the problem of imported inflation. Unless you are the sole importer of goods for every exporting economy.

It should be quite possible for one country to have no inflation while other countries do have inflation, if the inflation is caused by monetary policy, not real, global production difficulties.

The exchange rates should just shift continually so that the country that isn't expanding its money supply doesn't experience inflation.

Why would they charge more for the imports because the Fed in another country increased the money supply in that country?

So you're saying it's not a monetary phenomenon in the countries without QE.

Which means you admit there's a mechanism for inflation without it being a monetary phenomenon. Which means that it's possible that it's not a monetary phenomenon in the US.

Source? Is this because QE isn’t entirely to blame and there were legitimate supply problems because of the pandemic. Similar to how Friedman explains wars can have an effect on prices that are perceived as temporary inflation?

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