The current inflation is not caused by too much money being created by the government, it is by corporations raising their prices. Corporation have been making record profits in the last few years, if inflation was caused by too much money creation, corporations would not be earning record profits...
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Sorry @dksart - I either didn't mean to imply that that inflation is caused by governments, or miscommunicated my message somehow. The stimulus cheques alongside the US Fed buying up assets did avert financial disaster in the first year of the pandemic but I don't think either contributed to inflation in any real meaningful way. The cheques were too small and infrequent and the QE affected asset prices but not much else.
Corporations in many industries have made record profits and have used the pandemic and Russian invasion as excuses to drive up prices unnecessarily, particularly the Oil industry.
As inflation gets higher though, people stop spending and try to start saving (if they can) which *should *eventually force corporations start to compete on price again and drop their prices or risk losing market share and profits. Inflation itself is somewhat deflationary.
This is why I think the US Fed is so focused on wages more than anything else... because if workers are earning more then they don't need to start to save when inflation gets too high. Of course this entire ignores the prospect that inflation is high so people are getting multiple jobs just to survive.