Albert Edwards of Societe General makes his great pivot to inflation. The key to this argument is a continuation of crisis policymaking. If there were no Ukraine War then would governments not already be turning away from MMT principles after the inflation breakout of COVID19? That said, there is no shortage of crises to keep government spending: Cold War 2.0, climate change, war in Europe etc.
Even so, cyclical forces should overwhelm structural in the short term and inflation crash as the global economy tips into recession.
Whether the recovery produces a new round of higher than previous inflation is the moot question.