Agreed, though that includes not just the supply of things, but the supply of money as well, which is also being reduced as the Fed raises interest rates.
An increasing and rapidly growing part of the economy is Services and Services are not that dependent on supply chains.
Also supply chains were disrupted mainly due to the world economy being overly dependent on China and China being shutdown.
In the long run this might actually be bad for China as countries pass laws to not be so dependent on China.
The financial markets are used to facilitate the operation of this economy and my argument was that it should not be seen as the economy itself.
The current inflation is because of China, Russia, the pandemic, lack of investment into the supply chain (during deflation, resilience being seen as inefficiency, preference for stock buybacks), bad investment (during the pandemic), lack of innovation and increasingly climate change. Something weird is going on with the fuel prices too.
Innovation used to save our bacon, but now you have to innovate just to stay in the same place. Just pouring money on the problem doesn't work, it increasingly won't with climate change.
So we are between a rock and a hard place, inflation and recession. Choose your adventure. If the future could vote it would vote for curtailing demand across the globe.