The missing component is the temporal nature of debt. Sort of like the multiverse theory, each debt we use to 'create' money is actually a theft from our other future self's universe. A government debt is a promise to tax future people and enable resource use to create 4 times that debt (at a 25% rate). When resources aren't available to meet that demand, prices detach from yesterday's universe and each vendor who decides to jack the price sets up each customer to screw their future universe self (who doesn't get a say); a dark debt and inflation trap for all possible universes using the same resources and unchecked debt (MMT).
"That's where it all falls down, you see?" -Slartibartfast
normeconomics.org