There is one thing that is missed in all of this. Subsequent to WWII the US owned the world's reserve currency and so could finance itself on the seignorage (look it up) of printing the currency which other countries stuffed into their central bank vaults as reserves against which they could issue their own currency. In exchange for these "bank reserves" they gave us cameras, high end sports cars and cheap wine and cheese.
But what worked for the US, preying off the rest of the world, cannot work for everyone. Indeed what we are seeing latterly is not monetary expansion, printing the green stuff and then spending it, but rather debt expansion, printing the green stuff, providing it as banking reserves, against which the banks make cheap loans. It is worse than currency inflation, since money is money and buys something. Debt is a different animal entirely because it has to be repaid at interest, meaning you print money, and someone else lends it out hoping to live off the interest.
Either one monetizes all this debt - pays it off with printed money - causing an explosion of inflation - or one allows the wholesale default on all of that debt. One way or another rebalance has to happen.