In the era of global lockdowns, we've seen increasing supplies of money, decreasing supplies of goods, and governments financing their citizens to forgo work and stay home. The resulting price inflation should surprise no one.
China is a lesson for those in the West that see China’s rising interventionism as a good idea. Political interventionism means bad capital allocation, worse job creation, and the worst type of inequality, the one that is politically driven.
The collapse of the monetary order in 1971 reflected the massive dislocations and malinvestment of resources that ultimately turned the decade into one crisis after another. Keynesians are doing something similar today.