Money printing = inflation is very lazy thinking. And it doesn’t help that the models being are wrong because of the assumptions attach to those models.

Inflation only occurs if the money supply outstrips the resource base. This is precisely what is happening in Western Europe and the US at the moment. They have created too much money and now that their resource base is diminishing due to the sanctions, so they are getting inflation.

In this scenario, cutting taxes causes inflation, bank lending causes inflation, government spending causes inflation. The only way for the West to control inflation is to reduce lending by having higher interest rates (as money is created as debt).

The key is you have enough skills and real resources to absorb it, so inflation does not happen, because the additional money is distributed among an increased quantity of products and services.

To increase productivity you need resources, you need young and skilled people, capital, etc. And that’s one of the reasons Europe will specially suffer what is coming.