In the end, inflation is always a monetary phenomenon – it is worth noting that this truth not only indicates that alternative explanations for inflation are excuses to distract attention from the “elephant in the room”, but also implies that even the possible explanatory value of these alternative justifications can ultimately be anchored in the monetary and political sphere.
For example, it is true, of course, that major armed conflict can fuel price inflation by inhibiting productive economic activity, destroying capital goods and logistics infrastructure, and so on. But nothing is more conducive to major armed conflict than an arms race between military powers, and nothing so much facilitates an arms race between military powers as the continued possibility of inflationary redistribution of the purchasing power of the currencies they control. In other words, war can obviously trigger temporary price inflation, but wars are favored by consistent monetary inflation.
Similarly, paralyzing a given economy, the so-called lockdown purported to limit the spread of a dangerous microbe (disregarding for a moment who is responsible for the origin and release of the latter) can obviously lead to an inflationary “supply shock”. Nevertheless, it is difficult to imagine that anyone would be ready to tolerate an economic paralysis imposed from above, if during its duration he could not use “emergency loans”, “stimulus checks” and other prostheses financed either directly by inflationary redistribution or by the issuance of an easily monetized debt.
In conclusion, various “supply shocks” are natural triggers of ad hoc price inflation, but the emergence of a world characterized by an extraordinary frequency of similar shocks is largely a derivative of the production of permanent monetary inflation, that is, the eager use of central bank “services” and fiat currencies. In other words, it should never be forgotten how much the direct corruption of the world ultimately comes from the continual corruption of money. Even if the love of money is the root of all evil, its main element today is undoubtedly the love of someone else’s purchasing power – politically motivated, expressed beyond the law and surreptitiously satisfied.