Global inflation is to reach a whopping 9.5%. But so is the rest of the world’s, because American elites designed the global economy to reflect their Platonic ideal of what an economy should be. They believed that the Age of Cheap Stuff would last forever.
For American elites, the Age of Cheap Stuff would last forever was a quasi-religious belief.
American elites peddled the fantasy of an eternal Age of Cheap Stuff, a secular paradise on Earth, because, of course, it kept them in power, as cheap fantasies often do for politicians. But, like most fantasies, it was too good to be true.