The U.S. isn’t the only place with inflation these days. Turkey is on track to have inflation somewhere between 20% and 40% this year. Other countries are interesting as well. The top 20 are:
The US. is in 58th place with 6.2%. At least those are the “official” numbers. As the Reason article notes the official numbers and what is really happening don’t necessarily agree.
“Interesting” things happen with high inflation. There are numerous examples of hyper inflation (defined as greater than or equal to 50% per month) for individual countries. You might want to read up on them. But there will be new books required if it goes global.
The consequences of government responses to COVID, such as reduced production and “free money” make inflation worse. With yet another variant/excuse to adversely affect the economy we might get to read some of those new books on inflation in a year or two. Assuming, of course, we can afford the cost of the paper or electricity to charge your Kindle.