Your typical pseudo intellect response so I’ll take your original farce at face value. Your inference here is beyond absurd: Trump and Biden checks didn’t go to economies X,Y,Z, hence I have undeniable proof that it was supply-side only that caused inflation in economies X,Y,Z.
Who gives a **** about stimulus elsewhere (1, 2, 3), that’s a myth right? Or exogenous shocks from Russia’s invasion of Ukraine disproportionately affecting Japan and Europe vs USA (4). Nope, there is a basic explanation. Foreign exchange had nothing to do with it either (5). Inflation was the same everywhere. No variation at all due to policy, currency, rates, shocks (6). The theory getting some love in monetarist and MMT circles that higher interest rates may actually lead to higher inflation (this is a highly nuanced and entertaining rabbit hole) (6). And finally, let’s forget the lively debate on what the underlying drivers of inflation in the US were, because the results might challenge our preconceived notions and make us uncomfortable (8,9,10, 11).
1.
https://www.piie.com/research/piie-...al size of Japan's,G7) nation relative to GDP.
2.
https://www.reuters.com/markets/us/...age-bucking-global-tapering-trend-2021-11-19/
3.
https://www.imf.org/en/Blogs/Articl...llion-global-fiscal-support-to-fight-covid-19
4.
https://www.eib.org/en/stories/ukraine-trade-inflation
5.
https://eastasiaforum.org/2024/01/04/inflation-and-its-demons-define-japans-precarious-2023/
6.
https://www.pewresearch.org/short-r...e-world-inflation-is-high-and-getting-higher/
7.
https://www.sciencedirect.com/science/article/abs/pii/S1094202524000140?via=ihub=
8.
https://www.nber.org/digest/20239/unpacking-causes-pandemic-era-inflation-us
9.
https://mitsloan.mit.edu/ideas-made...sponsible-2022-spike-inflation-research-shows
10.
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1050.pdf
11.
https://www.federalreserve.gov/econ...g-covid-19-a-cross-country-view-20220715.html
Like I said, it’s still unsettled, later stimulus was a big factor, CB policy played a role, as did other factors. Can I let go of your hand now?