Maybe the war economy of the last century is the covid/lockdown economy of the current period? I'm sure the people who make these decisions are smart enough to bring on such a monetary/debt reset without changing the currency overtly, like rather some sort of indirect method that involves tools such as a central bank digital currency that can be programmed to fit whatever economic agenda they need to push.
I agree with what you suggest as a way out, in addition to that an alternate way to mitigate the current inflation would be unprecedented support of oil & gas industry across the Western hemisphere to lower oil prices significantly and bring down input costs, but obviously its a dream since most of the current western governments seem to be pushing an anti-energy agenda.
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