[erur]

Agree that the spiral as a core reason is total BS but for both the US and Europe it goes beyond just increasing the money supply.

Reducing the supply of goods/materials will have the same effect - even at a constant money supply.

In Europe the ECB/EU gov is hiding behind the War in Ukraine and global supply chain issues to hide what is mostly their own pandemic purchasing program and overspending driving massive inflation.

Then there's also their there's also sanctions, trade wars and over-regulation adding fuel to the fire.

Of course none of these are a "natural effect from market dynamics" - as much as they'd love to make it sound like that.