The main reason is that the Federal Reserve and the European Central Bank created trillions of dollars and euros out of thin air during the Covid panic. Throwing everyone out of work would result in food riots, so they showered the public with free money as a form of riot insurance. The trouble is the money did not magically go away, so we have the classic problem of too much money chasing too few goods. Then there are the systemic troubles created by a generation of outsourcing and the general incompetence of the ruling class. They allowed the supply chains...