In the 1970's inflation was "only" 6.8% for the decade. But the problem was that was an entire decade with higher and lower inflation. That's what caused Volker (Carter appointment) to kick up interest rates. First we have rampant inflation, then we get higher interest rates or depression or hyperinflation. Those are the three basic choice. Then inflation comes down. Looking at the tail end of the high interest rates period is not instructive. We are just getting started here.
“First we have rampant inflation, then we get higher interest rates or depression or hyperinflation. Those are the three basic choice.”
You left out the most common result. A garden variety recession.