Except we did see the working classes wages keep pace with and even outpace inflation in the last few years? Inflation has always been primarily a threat to the rich, who by the common definition make their money off of their savings, and so are directly affected by those savings diminishing in real value.

Similarly depts are nearly always denominated in the local currency and so are directly 1 to 1 diminished by the inflation of that currency. For example if you owe two hundred thousand on your mortgage and you see fifty percent inflation then you have effectively just been handed a hundred thousand in real value directly out of the pocket of the person who lent you that money.

None of this is to say that very high inflation is good in an economy where people need to save money for retirement, but it does have some silver linings for the poorest who already have depts rather than savings and who are generally paid in real value.

In a very high inflation scenario where the US was intentionally trying to devalue its currency I expect China would abandon its peg against the dollar, and everyone would likely try and reduce their dependency on the dollar, which would in turn probably lead to a feedback loop that would exacerbate the issue.

I would not expect anyone to come out of the almost certain gobal ressecion better off, except maybe Russia given how little they are tied to the gobal economy and how they’ve run down their forex reserves, but I imagine that unless every economist in China and the Eurozone takes the decade off they will come out of it a lot better off than the US would.