It is very hard to assess the situation as we stand in the eye of the cyclone. And there are a few different viewpoints that could be equally enticing, depending on whether you want to have an optimistic or pessimistic outlook.
From where I stand, before looking at money supply, prices etc., the key factors are two.

Firstly, Covid and the impact of disasters on economy, which, without sources to support my position, tend to have positive impact on economy as an aftermath. If you look at Black Death scale, the catastrophe improved financials for the lower incomes, so there is hope :-). Nevertheless, the impact of covid on availability of workers is nothing like Black Death as the fatalities are much less and mostly impacting older age groups. On the other hand, if you take Australia for example, with a normal net immigration of 200k per year I believe, the lockdown and isolationism from Covid has huge impact on labor markets. Therefore, my expectation is to have short-term labor benefits in advanced economies that realise benefits of isolation (e.g. substitution of international travel with local vacations etc.), until they find a way to have the dog fed and the pie (i.e. selective opening of borders). At the same time, less advanced economies are to be impacted by limits to immigration with increased unemployment and potentially some political turmoil.

This leads to the second key factor in my opinion, which is the global geopolitical situation which, while people "hope" will end up with something like a second cold war, there is no guarantee that it will not be the preamble to a third world war (maybe we can skip it straight to cold, I doubt it). It does not take more than looking at the news to see that the things are moving in this direction with blatant attempts to bolster nationalistic views from "both" (it's more complex than two in reality) sides.

From this standpoint, we'll either go for an abrupt economic correction in a war, where inflation and economy will be the least concern for most of us, or we'll see a huge re-structuring of the global economic models and paradigms (e.g. more local production, especially for critical products, with potentially a new west vs a new east closed system - I am not sure whether Europe will end up on one side, the other or both as a disbanded union, doubt it can maintain its intended neutrality game given its political immaturity). In this case, western economies might be able to see some huge economic opportunities but they will have to move a bit to the left from an economic principles perspective, which is possible given the positive experience of right-wing politicians with social measures during Covid. While possible, I think it is unlikely, as concentration of wealth is a measure of success for the people whose opinion matters, and they will err on the side of having everyone poorer but with greater divide rather than the opposite...

I have not even touched on demographics, and e.g. the calculation that China might be making with regards to now being the time to have a war if ever, given its aging population...

I wrote quite a bit, but at the end of the day, this demonstrates the complexity of the situation which makes it very hard to make predictions. And therefore, for any economic decision stick with the basics, the expected price is today's price.

Edit: the implicit assumption in my thoughts above is that the greater a closed system the more inequality it enables. This might work in general, but I can think of at least one potential counterexample, e.g. North Korea.