“Inflation” is largely a jammed supply chain problem

Let me repear, "inflation" is largely a jammed supply chain problem, largely from capacity reduction in 2020. The CRB index is BELOW where it was in 2005!

Add to it an asset price inflation from low interest rates driving a speculative demand for real estate linked goods. pic.twitter.com/odp8ou3fQP

— Nassim Nicholas Taleb (@nntaleb) June 24, 2022