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Historically, interest rates must rise to the same rate of inflation to reduce inflation.

If they don't rise fast enough you get stagflation where businesses not willing to shoulder the cost of governmental mistakes reduce their production and lay people off creating high unemployment in an inflationary environment. This however, is only a brief stay before deflationary forces put you into a deflation death-spiral.

Failing to raise interest rates, and increasing paper printing creates hyper-inflation. As the currency debases, costs rise in a cost-push inflation environment (starting at the producer level), and inevitably the division of labor breaks down with social unrest (Zimbabwe, Weimar).

Ray Dalio has published a book series on how historically these debt crises play out. Its been fairly accurate. Its a normal cycle, usually happening towards 100 years after a fiat currency is adopted, though that timetable can be faster with malfeasance and fraud.