The hoarding of currency by elite capitalists would cause depressions, if the govt did not create more money. As long as govt continues to issue more coin and spend wisely to distribute currency, there will be no depression. I don't believe there is any such thing as peak debt. We are never going to run out of numbers. Inflation is simply one solution to tackle the entities that hoard currency (such as debt/interest systems), but there are definitely other ways to tackle this problem.