That's the theory. The practice is somewhat different.

Money is a stock. It's the flow of transactions that matter for inflation, and that just increases - as we see from increased credit card lending, and increased trade credit in business (which is the commercial equivalent).

Higher rates just means higher prices, which then leads into higher wage demands.

There is no control until the money becomes 'dead' - saved by people who already have money.

Which funnily enough the banks were doing before they got taxed...