No. Supply shocks can’t by definition be caused by too much money. Supply shocks are caused by the port closing during the lockdowns. Which in turn led to a knock on effect throwing the rest of the economy out of whack. Lockdowns led to manpower and container shortages which led to input shortages like micro ships, which in turn led to a shift into demand for other sources of supply, which leads to price increases.
Response to price increase and lockdowns here was more money. Stimulus checks, low interest, tax credits, and unemployment further exacerbated the situation by keeping demand high in the face of dropping supply. The only option in this situation is to keep the money level stable and let the ports open back up to the goods flowing.
What do you think allowed the port to close? People need money to live. They need to trade, they do not have supplies to sustain without trading. People need to work to make money, unless that is the government gives it to them for free.
The mass stimulus certainly gave people the ability to not go to work for a while, to take the risk to switch jobs or careers and thus miss matching supply and demand. All of these things are related and it goes back to government intervention.
The gov has good intentions, but they are just picking winners and losers when they should just let things play out (or they are doing the wrong things). I think we can all agree 8-10% inflation is not a good thing.
In another 20-30 years it won't matter because of the currency competition that will be provided by blockchain technology.
