The West is what I meant, but probably humanity as a whole. I'm worried that a major economic meltdown of the order of the Great Depression will lead to direct war between nuclear powers. In my darkest moments I think this is inevitable. The rich have very little restraint, having so little opportunity to practice it.
You are ODing on panic...
The inflation is temporary. We are in an period of economic growth, but that's to be expected after a year when everybody's life was on hold.
This is a very different world from the 70s, much less the 30's of the Great Depression. Roughly 1/3 of American money simply vanished in the Depression,, it was a hell of a bubble.
Stiglitz recently did a paper that looked at labor dislocation as one of the causes. In any case, they didn't pump the economy full of money, but everybody is a Keynesian now...
However, I am not dismissing your concerns out of hand. If you want to know why, read this:https://www.amazon.com/Lords-Finance-Bankers-Broke-World/dp/0143116800
We are entering a transformational era, and big wars are pretty common when there are such big changes. Humans have a tendency to do the worst things possible as a response to things getting bad.
Anyway, that is likely 20 or 30 years down the road. There is one other thing, MAD works. Humans discount the future horribly, we are wildly irrational about some things. But the great thing about nukes is stupid today means getting dead manana. People may be irrational, and none too bright, but they can understand dead manana.
So we might get through this with all manner of ugly, but no nukes.
I figure we will also wind up quite busy trying to keep climate change from killing us.