Brilliant article!

I agree inflation is an issue- supply chain bottlenecks is a major contributor- from creation, distribution to consumption. The USA and China also seem to be in a Thucydides Trap which is not helping with quickly easing the supply chain problems.

With regards to QE or money printing- Increasing money supply through quantitative easing doesn’t necessarily cause inflation. This is because in a recession, people want to save, so don’t use the increase in the monetary base. Furthermore, increasing money supply doesn't just depend on the amount of money printed (monetary base). It depends on the velocity of circulation - how many times it changes hand. The problem is that the velocity of circulation is falling faster than the Fed can increase the monetary base. The velocity of circulation is falling because of the recession - rising unemployment, falling investment and falling consumption - People are hoarding cash and not spending it.

However, due to the supply chain issues and fall in real output- pandemic, geopolitics being key variables and housing markets being impacted by Evergrande Debt Crisis and also the housing market being classed as “bubble risk”, “overvalued”, “fair-valued” or “undervalued” according to UBS’s Global Real Estate Bubble Index: Frankfurt, Toronto, and Hong Kong top the list as having the highest bubble risk, followed by Munich, Zurich, Vancouver, Stockholm, Amsterdam and Paris. All US Cities on the list were also ranked as “overvalued” these are making policy decisions 'Hawkish' and the measures being taken are temporarily causing inflation.

I would say invest in iShares Russell 3000 ETF, or the 2000 and 1000. The Vanguard FTSE All-World High Dividend Yield UCITS ETF and iShares MSCI North America UCITS ETF. With the iShares Russell 3000 ETF being top of the list.