I submit that the first step of the hyperinflation is everywhere and always the collapse in productivity AKA supply. Then the cycle you describe takes effect an

I submit that the first step of the hyperinflation is everywhere and always the collapse in productivity AKA supply. Then the cycle you describe takes effect and you are correct. I've done some research on the subject and I've never found an historical counterexample, so if you have one I'd be very interested.