The normal rules are on hold because the USD is the world reserve currency. When USD are manufactured, a huge chunk of them is bought by wealthy foreigners to store value. That means that we haven't felt the consequences of printing lots of money because we've been sharing the consequences with a huge and growing number of wealthy foreigners.
But the only reason the USD is the world reserve currency is because there's nothing better. When something better enough comes along, all that USD will come flooding back and we'll suffer all the inflationary consequences of printing money for decades. Those consequences will be compressed to a very short amount of time.
As it has been for more than 50 years. Entire people's lives happened between those "consequences".
On the long term, we are all dead.
Because people have been wailing about hyperinflation fears for the last decade at least, and it hasn't happened.