This is the subtext to the war in Ukraine. Washington assumed they could destroy the Russian ruble and thus the Russian economy. The ruble took a dive, but the Russians were prepared, and it has fully recovered to its prewar levels. This is an enormous change as it reflects a new reality in the world. Washington can no longer control the global economy by having a monopoly on the currency of the world.
This is why the current inflation is neither transient nor manageable. The Western economic system is based on the dollar, and by extension the euro, operating as the reserve currency of the world. The massive debt loads of Western nations assume that they can create money from thin air, not create inflation and set the interest rates to near zero for government borrowing.
What this means as a practical matter is that the West is about to get much poorer and do so in a highly disorganized way. Not only will the standard of living decline due to inflation, but government spending will have to be radically reduced. The great welfare states and the American military machine were only possible when the cost of these things was subsidized by the world. The world is no longer willing to do that.
Western people are about to learn that those bits of metal and paper we think of as money are more than just a way to buy stuff. They are a store of value, and that value is the cultural strength of the society that issues them. The West has been in decline for a long time, but it was covered over by financial legerdemain. The free-money era concealed the great cultural looting of the West. That era is now over, and Western people will soon have to pay the price for it.
https://www.takimag.com/article/the-partys-over/