YouTube has a video Modern Money Doughnuts Episode 2.

Modern Money Doughnuts – an international show about modern monetary theory and ecological economics.

What have doughnuts to do with modern money? Quite a lot, as it turns out. Gabrielle Bond and Steven Hail explore the relationship between The Deficit Myth and Doughnut Economics, and explain why their show is named Modern Money Doughnuts.

Discussing the following questions, with our guest, Professor Fadhel Kaboub
What is inflation, what causes it, what doesn’t cause it and why has the inflation rate spiked in the USA and some other countries (not all – much less so in Australia and virtually not at all in Japan)? What are the best ways of managing inflation pressure points? What links the present inflation scare to the barriers to a Green New Deal and the problem of building a distributive and regenerative economy

Fadhel needs to reread “Super Imperialism” and he also needs to go back in history to the late 1960s instead of the 1970s to see the source of what started us on the path of inflation. Certainly OPEC exacerbated the existing inflation, but they were reacting to the inflation that had already started.

Fadhel does a disservice to his argument when he fails to mention why consumer demand outstripped consumer supply in the late 60s and 70s. The Vietnam war took away workers and sent many of them to Vietnam. The military spending build up detracted from consumer supply investment. When you pay workers (who are also consumers) to build military equipment that supplies no consumer needs, then you are setting up a system where consumer demand exceeds consumer supply (inflation).