The inflation has been surpressed by globalized trade, which now...

The inflation has been surpressed by globalized trade, which now is somewhat disrupted. Therefore we see price surges not only on the investment markets but on the consumer markets also. While we see that governments and federal banks try to stimulate their economies by providing demand as well as plenty money to borrow. All these factors are inflation drivers.
As the FED is more or less a government agency yes, plenty of the US debt is owed to a governement entity, the FED. In other and somewhat simplified words they paid their bills with money printed by the FED. Again an inflation driver. Therefore I would never get the idea to hold US securities or US cash in large quantities. But as we have the same problem globally (the European Union and The ECB go forward very similarly) there are not very many currencies one can rely on to hold their value. So people buy on the asset markets (real estate, shares, companies, gold, silver) and will continue to do so as long as government and federal bank policies remain as they are.