How much inflation has Fed's intervention after the subprime crisis caused? We have 40 years of data showing that there is zero correlation between inflation and M0. And there's actually no correlation between the money supply at large and inflation in the US in that period either!

> Milton Friedman said in 1970, “Inflation is always and everywhere a monetary phenomenon.”

He was wrong, and “little has changed since then”.

Most of today's inflation is supply-chain-driven, and the differential between US and outside of the world is caused by two things:

- how strong the US economy was before the crisis

- the stimulus package, intended to bounce the economy back as strong as it was, which is impaired by the aforementioned supply-chain issues.