Prof Keen Explains Inflation

This is a good explanation of what is coming, and how those in charge lack the intellect to deal with it.

This is my way of explaining what he's describing: I want to cut down a tree in my backyard, but my axe handle is broken. I can choose to use the axe with the broken handle, and take a long time, or I can buy a new handle. The new handle costs $20 now, when it used to cost $10. Adjusting interest rates won't make the handle cheaper as energy is used to make all axe handles, and so no matter what I do, I am faced with paying more or going without and taking a long time to cut down that tree. Because all economic output consumes energy, if you restrict the flow of energy, prices rise and consumer behaviour has nothing to do with it.

Some will point out that we have had no shortages of fuel, the stock has always been there when needed. That is correct, but why the price of energy rose is due to the reserves being depleted. When Trump surrendered he appears to have done so after being told that the world had about 90 days of oil reserves left. The world had been running by topping up using reserves. Thus, we saw no empty tanks at gas stations, but in the background the feedstock was running low. 

Now we are faced with trying to rebuild refining capacity in the Gulf, and trying to get shipping back to normal. This may take a year or two. In the wake of that, we may be about to experience a major collapse, along with the AI bubble and all the other bubbles.