My working theory is Biden and von Der Leyen needed to trigger the Ukraine conflict to distract from the inflationary policies their respective bureaucracies triggered. They didn't factor in that Russia has a peer or even superior military, and as an existential threat Russia would do whatever was necessary not to lose Ukraine.
It likely will be the US that drops the first tactical nuclear bomb / missile in Ukraine. If that happens it's after this current offensive by Ukraine has been destroyed by Russia and no more conventional weapons are forthcoming.
My hope is we (average citizens) aren't sent into Eastern Europe to fight the Russians on behalf of Western Elites.
With respect to inflation, high interest rates will take care of a lot. Cuts in domestic social spending (and military spending following the end of the Ukraine conflict) are also on the cards. The alternative is Weimar Republics (many of them).
On an individual level, look to South or Central America. They are going to emerge in much better economic conditions than the US or Europe for average citizens. If you're wealthy, you're okay wherever you live as long as you have security guards 24/7.