I would say more precisely it was a major variable in our ability to have huge economic growth, huge money printing all while having low inflation and a very low volatility in the amount of inflation. Of course, anything in this domain is going to have many dimensions but exporting our inflation was a major variable.

It is tough being mid 40s and realizing my entire adult life was a golden age that is gone forever.

That sounds like reasonable analysis, but I do want to point out I was thinking much shorter term -- like literally in the last 3 years and this situation specifically.

I do agree You're right that we are probably seeing the effects of globalization policy though, but I can't say I've thought much about that long of a time frame.

Understood. There's a certainly a difference between short term effects such as interest rates driving currency exchange rates vs. secular trends that depress currencies permanently. It seems as if some of the latter are becoming visible in a very short timeframe. The US has not experienced this kind of rapid shift since WW II.

Yes. Also technological improvements have kept costs down (and hence prices) in some sectors, such as consumer electronics.

Mass onshoring will likely drive higher prices.

Cathie Wood thinks that more technological improvements are coming to counter-act this, and might even cause deflation. Most commentators are unconvinced.

The lack of inflation was literally the lack of use of the "extra money". When the fed started buying assets and giving "new money", a lot of banks held onto that money instead of using it. The fed paid interest on holdings at the federal reserve bank.

It took a while for banks to extend themselves based on capital like they did prior to 2008. Once they did, the full extend of the "new money" drove inflation.