Ironically, the only way out of a volatility spiral (inflationary, deflationary, doesn't matter) is radical application of private capital to public good. Whether you're dealing with an economy that has locked up because of falling asset prices, or an economy that's insolvent because no amount of inflation can outstrip rising interest rates, the answer is to commandeer capital from those most likely to survive its absence so that it can be used to stabilize and make sustainable real production.

"But incentives."

The aftermath of this is an authority (still deriving its power from the will of the people) that's shown that it will keep you housed and with food on the table, and still able to access education and creativity and community and healthcare, and all you have to do is keep working like you always have and give up your exceedingly remote chance of one day being an oligarch or living on Mars. The elite are terrified that we'll realize how good of a deal it is.