What if soaring rates don't kill inflation? Central banks may be about to blow up the economy

that's how they control inflation - by killing the economy, increasing unemployment, thus disciplining labour and suppressing wage increases and consumer demand. Instead of govt spending on programs, it gives money to bondholders, who hoard it until interest rates come down.

Australia has leading scholars on MMT, which explains exactly what is going on, a very different story than you'll hear in the Murdoch media.