Hyperinflation never occurs without the convergence of several disasterous economic, financial and political circumstances, however, regular garden variety inflation will always occur in modern economies if money is continually pumped into them, and hurtful but less than hyperinflationary rates will occur unless a beneficial alternative is intelligently presented. This doesn’t invalidate MMT money mechanics, but it will enable regressive forces to “rag on” about relatively high inflation and try to reverse the additional money necessary to keep the economy out of recession.
The problem with the terminally orthodox neo-liberals is they think the economy tends toward equilibrium and the problem with all heterodox theorists is they think the economy tends a little bit toward disequilibrium. The fact is the economy is actually in a continual state of alternately raped and smothered financial chaos because it is bounded neither on the lower end by costs nor the upper end by price. Money itself is not the operant cause of “monetary” inflation hence it is a misnomer. The actual deepest cause of inflation is the complete lack of any actual regulatory means of preventing commercial decision makers from raising their prices, especially in an austere system with a chronic shortage of aggregate demand. Put this together with the actual chaotic nature of the economy and you’ve got a seemingly unresolvable problem.
That’s where the paradigm changing alternative of painless and beneficial integration of price deflation into profit making systems comes in with the dual policies of a universal dividend and a 50% discount/rebate policy at the point of sale throughout the entire length and at the terminal ending point of the legitimate economic/productive process at retail sale.
I know the idea of a UBI or universal dividend seems to be anathema to you Bill, but Employment Only as the paradigm of income has never been adequate and will be increasingly less so as time goes on. And if anyone is having trouble finding purpose without putting in their 40hrs/wk a job guarantee fits snugly within the new paradigm of Direct and Reciprocal Monetary Gifting.