Quite a bit happened in the period of the 1920s through 1940s. Even to equate COVID to WW2, I don't think warrants the prediction of spasmic money fauceting. I expect another mild round of inflation, with mild tightening in response. We are currently living through the Fed playing the game of "let's see if things get crazy if we just imply that we might lower rates.

No reason to think there has to be several waves, each larger than the last.