> with all the national debt in western economies, will higher inflation help service that debt going forwards?
To the extent that the debt is denominated in the national currency (for example, US debt is denominated in dollars), yes. Historically this has been the main way that the US has dealt with its debt--by inflating the currency to decrease the actual real value of past debts.
To the extent that the debt is denominated in the national currency (for example, US debt is denominated in dollars), yes. Historically this has been the main way that the US has dealt with its debt--by inflating the currency to decrease the actual real value of past debts.