I think you missed the effects of solar energy, it's actually much more than most folk realise, especially conventional economists.
About thirty percent of utilities enetgy business has gone over to domestic and community solar since 2005.
They daren't tell shareholders this, as it would probably cause a run on shares, so their shareholder base has not changed much, but now there is 30% less business from which they still have to meet the same shareholder obligations. So they have to price gouge remaining consumers for the difference. There you see one driver for inflation.
But that isn't the end of it. The economic product of all people doing what they do with energy is still being created, but in a very different way than it was ever created before. Now you have economic product being created which adds to economic capital, in a way never seen before. This capital comes from off-planet, instead of being subtracted from the planet first.
It might seem like this doesn't matter much, but notice it converts to hydrogen fuel, not at a very high efficiency, but the important point is that any of it is created at all, with nothing given in return for it per Joule or KWhr., after installation costs.
That means it can be scaled for free also. So anyone with a little of it can just save it up for a while to build up the capital needed to expand creation capacity, all they need is the real estate available to add more panels, more electrolysers, more storage tanks, all of which are available off the shelf from Ali baba.
That fuel functionally replaces fossil fuels, potentially even keeping all planes in the air, with nothing emitted as pollution.
There is no reason why it could not come to replace all fossil fuels very quickly.
But the catch is it can only be done on a domestic and community basis, in order to gather enough energy over a wide enough area to be comparable with traditional concentrated utilities energy volume.
But with enough capacity, the fuel can literally be created faster than we can use it.
Best of all, it cools the planet, rather than heating it.
So it probably won't be owned by any centralised business.
This will be people empowered by default, rather than depowered by default, as is currently.
Yet this is not seen or considered as product creation, therefore no money is issued on it.
Money issued as debt can't monetise it, because debt requires more energy than was given out by the loan to be paid back. That energy con is only physically possible by energy extracted from Earth.
In every profitable transaction there has to be energy gain, which is only possible by stealing it from the planet.
We can't take more from the sun than it gives out, and it gives it out for free anyway. So money as debt can't monetise it.
However it can be argued that the stimulus issued during covid actually did represent it, at least until it was demanded back
This explains why the dollar went up in value during issue of stimulus, not down.
Further, we know in that time the markets were flooded with new traders trading with excess stimulus.
They weren't interested in profit, they bought mostly bankrupt shares, rescuing companies whose products they wanted to save, like Hertz, and some shipping cruise and gaming companies.
They didn't buy oil, and the price of this went negative, for the first and only time so far.
The environment showed the only ever spike of recovery.
All of this could have been maintained,, but it threatened to devalue all capital, and make all elites living by energy profit (energy con!) redundant.
The traditional traders including Warren Buffet even went on "strike," deserting the markets in protest, claiming "Something had gone wrong with money".
Nothing had gone wrong with money at all, what happened was momentarily everyone was empowered by default, rather than depowered by default.
It can't be blamed for the inflation now being seen, nor the recession/depression of business, because look at China.
They locked down so hard they completely eliminated the virus.
And now they are back to business as they were before.
So the locking down is not to blame for depression.
Deoression is far more likely due to the blowback of sanctioning, you sanctioned your own business, to try to exert pain on both Russia and China, and all the other countries that come as collateral.
Of course you are in Depression, that is insanity, thinking you can depower by removing your own power supply.
Sorry I know you are normally very rational writer, but I think you are way out with this story by missing all of that, you are painting a picture if history which is miles from the truth, probably because your media is heavily sanctioned also, it is all geared to try to use government power to depower those you see as competitors.
Trump wouldn't have done that, he would just have made a deal and moved on.
Instead we have war in Europe, 500k dead, a burning planet, and rampant inflation.
That is the truth David, unfortunately.