Currency inflation can take place in primarily two ways. First, the currency declines in value, and this attracts foreign capital to rush in for bargains. Here are the capital flows during the Great Depression. You see a massive exit of capital in 1931, which was caused by the Sovereign Debt Defaults of 1931, as all of Europe, including Britain and the British Commonwealth, such as Canada, suspended their debt payments. That is what took down 9,000 banks, not tariffs. https://www.armstrongeconomics.com/armstrongeconomics101/economics/inflation-the-real-story/