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Inflation Woes: Dark Powell Rises

If by fiat vs real you mean money vs inventory, then yes the lack of surplus inventory is kind of the entire inflation problem.
Zero interest just makes hella wasteful rich people outcompete and shut down smaller efficiency based enterprise. It's not 1960 anymore. Efficiency would be alright. Not sure we need to innovate more IP rent lords even harder. We have more than enough of that already.
This to has been my problem with zero interest rate policies in the "developed world". They (together with A LOT of political corruption, as in applying laws selectively) enabled all kinds of greedy scams.The ubers and the cryptocrap were just the most visible. Monopolies wityh easy access to credit were empowered, as were scammers with an aim to establish monopolies, a good "narrative" to sell. In the context of the current - very corrupt - regulatory framework the low interest rates further wrecked the economy of these countries.

With good policy, good governing and oversight for the benefit of the mass of the population, zero interest rates made economic sense. With corrupt governments, they were an enabler of scams where phony businesses ruined genuine, sustainable businesses. And left the public worse off for the time after the bubble burst. Which is now starting.
What if the Biden administration decides to sanction them economically? Biden is already enraged at them for cutting production before the midterms so he may actually do it to get revenge and dominate. Can they really maintain a cheaper extraction rate if they are brutally sanctioned?
It has come to a point where even the europeran allies of the US will route around the US financial system if that happens. Basically the US is well on its way to be fenced off by the rest of the world as a consequence of its strategically insane sanctions policies. Trying to embargo the arabs would tip the balance immediately. As in - this year.
I do not thing it will happen.
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