It isn't coming right now. Gradually, then suddenly. Money supply has been shrinking for a while now, but that inevitably collapses the financial system because they're way too leveraged. And at that point it's if, not when, the next liquidity deluge hits.
That tighten>collapse>bailout>inflation cycle has been repeating at increasing size and tempo since 2000. Eventually a cycle becomes big enough that they can't stuff it back in the bag so to speak, and people just want to get out of the currency at all costs. That's when the wage-price spiral happens.
In the US we're being flooded with cheap Chinese goods and cheap Guatemalan labor. But that won't save them in the end, because the Chinese and Guatemalans will also demand higher wages to survive. The people actually doing the work always have the power at the end of the day. The elites are just terrified of the day the masses realize that fact.
In the US something like skilled construction labor costs went up by 20-40% since 2019 and they aren't coming back down. Living expenses haven't fallen, and tradesmen are continuing to raise their prices even as the building industry gets squeezed by lower demand. That's the earliest glimmer of labor shifting the pricing power back in their direction.
