It can be argued it was the hyperinflation of the early 1920s that radicalized a lot of people in Weimar Germany. It was the driving force helping the National Socialist German Workers‘ Party into power.
Tragically, inflation policy was inflicted onto the Germans by the early Weimar governments supported by moderate political forces — not the communists or Nazis — in an effort to pay war reparations. In the end the very champions of liberty and democracy — due to their economic illiteracy — sabotaged and ultimately destroyed their project transforming Germany into a modern peace-loving society.
Hopefully, this taught a lesson to their intellectual heirs or didn’t it?
Also, nobody is learning from this experiment. Nobody on this planet tries to create a money system that is actually sustainable and free of crisis, not even the marxists.
The reason why the ancient egyptians had such an advanced culture is that they understood money better than us.
There was no deflation (or inflation, really) prior to World War I. Prior to WWI, most countries pegged their currency to either silver or gold at a fixed rate of exchange which meant that inflation was both extremely low and extremely predictable. The "experiment" you're describing (no inflation, no money printing, no deficit spending) basically describes the way all governments operated prior to the early 20th century.
Also: the wealthy will steer policy towards their benefit when things get tough for them. The bailouts of 2008 clearly showed this.