Extending a coincidental consideration (and) in regard to the recent Covid pandemic I have had a curious thought about a perspective that could be taken. I think it might be reasonable or helpful to think of our response to the pandemic rather as a natural response to a deflationary event that started to happen around the time the pandemic went (social media and media) viral.
It seems like a perfect response to a contracting global economy with competing nations to have their citizens spend less, do less, work less, produce less etc (as well as excessive money printing and handing out).
The US as a global reserve currency provider I think might have more difficulties dealing with this trend and response. In this there is a great competition to put pressure on the US from the other (otherwise) competing countries.