Well, other than the obvious like trillions of dollars being printed not being good, ha ha.

This is a misnomer. Trillions of dollars was not printed. Few understand what the Fed does and how money is created.

USD (the money supply) expands when lending takes place. It is the commercial banks that create the USD, not the Fed. Their QE to infinity programs only print up bank instruments that go on the balance sheet of depositing banks. This is non legal tender and is housed at the Fed. Hence the banks can use it at all other than to keep it there and earn interest.

That is why there is a USD shortage (liquidity crisis). Banks havent been lending to keep pace.

As for the impact, it makes anyone with USD denominated debt (most of the world) have to pay more. So countries will have to sell their treasuries (an asset) to get USD. Also, companies will have to use more of their native currency to get the USD to make the payments. This affects the developing countries first but then spreads.

Also, this tends to make all commodities more expensive, in the native currencies, since they are all prices in USD (as if the supply chain issues werent doing enough of a number on that).

Finally, it makes exports to the US more attractive but hurts all imports. While this is good (the exports) if the economy is slowing, that makes the counter balance not enough to make up for the increase in imports.

Of course, the liquidity issue is one of the reasons for the slowing of global growth. Without enough money, economies cannot expand.