Read the book and chapter 21. It’s an excellent historical description of the Weimar hyperinflation that de-bunks the conservative kant that public control of the money system caused that sorry episode.

The short historical analysis is that “normal” inflation is a smallish single digit percentage in the 1-3% range and is largely contained by competition between and amongst business models. High and consequential inflation (4-14%) generally results from war, lost wars and/or increases in the costs of major commodity prices due to political whim or reaction like the Arab oil embargo in the 70’s. Hyperinflations only occur when most or all of the aforementioned factors have already occurred and then a compliant central bank leverages up speculators who short the currency and initiate the hyper form of inflation.

The point is that hyperinflations are extremely rare events and the first two forms and levels of inflation will continue whether conservatives believe in their beliefs or if MMTers believe in their beliefs. Only when we realize that money itself is at best a tertiary factor in inflation and decide that we no longer want to be dominated and manipulated by Finance’s monopolistic paradigm of Debt Only by implementing the new monetary and financial paradigm of Gifting with twin 50% discount/rebate policies at retail sale and at the point of note signing for “big ticket” items. That way we will not only rid ourselves of the economic vice of inflation, but will (almost miraculously for those whose minds are captured by convention and orthodoxy) beneficially integrate price and asset deflation into profit making economic systems.