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" ... Back in the old days, after war, for example, you buy time for the economy to reset by printing money in a way that in effect cancels the value of old unrepayable debts, the value of pools of earned but inconveniently placed existing money while keeping things busy until the moment the situation is sufficiently reset you can cancel the old money entirely and introduce a new currency which is then, hopefully, not put back through the inflation process. Don’t imagine for a minute inflation or deflation is not policy. If you think that Zimbabwe can organize inflation but the denizens of the Bank of Japan can’t, then think again. ... "