The inflation / deflation "recipe" the Elite are using is more advanced than single-dimensional classical analysis. They are inflating the debt-markets (otherwise they go bust by non-refinancing / non-rollover of debt) and deflating the small guy. Large debt markets get refunded and the small guy gets a liquidity crunch or a problematic daily costs / daily income ratio (if he doesn't own any loans).
Thus the small guy is like "what inflation? The dollar (or X currency) is becoming scarcer by the day - I'd do anything for (...fewer) dollars than yesterday because my bills are now bigger and the pressure is mounting".
Deflating the small guy leads him to the pawn shop to sell his jewelry, leads him to ebay, to sell his stuff, leads him to the real estate agent to sell his property, etc etc. Why? Because he needs to find cash - which are becoming "scarcer", not because the government isn't issuing a lot of currency, but because the banks are slowly drying up the avg person liquidity and the costs of life are rising.
It is essential for their plan to have the small guy beaten by deflation while they are inflating the debt markets by the trillions. If the small guy had "helicopter money" he would be buying precious metals, bitcoins etc. Even if 95% of the people just went on walmart and spent their helicopter money, the 5% that would choose to stack some gold, silver, bitcoins etc, would be *extremely* dangerous in destabilizing their price suppression schemes on alternative currencies.
All of the above applies for western societies mainly, where people's purchasing power is immense (by global standards) and their currencies are considered "solid" - without much inflationary effect being visible (that's an illusion btw).
Developing countries with inflation are a lesser threat to the elite because they also have the issue of capital controls, in the sense that the population of a developing country with high inflation, rarely has unlimited access to the forex market, or the gold market. If, say, a country with high inflation allowed their citizens to buy dollars or gold in an unlimited fashion, they would simply run out of foreign reserves to buy essentials like food, oil etc - which are traded with USD in the global commodity markets. No USD reserves = no commerce / no imports = problems. So, for reasons of "general wellbeing" it will be generally disallowed for citizens to (massively) dump their currency in favor of foreign currencies or gold.
The developing countries are the "useful idiots" of the whole system as the developed countries point to them to "prove" that they have no inflation. If, say, Venezuela runs at 50%, then USA can pretend to run 0% - because no-one is challenging them in terms of running an honest currency. The western nations are also inflating in sync, so that it is imperceptible what they are doing. Even countries which do not have the need to inflate their money supply, did so. Switzerland for example. They were getting all those inflows from other countries and then they "decided" to "peg" their currency to the euro in specific ratios. In other words, issuing as many new swiss francs as were needed in order to ...buy all the inflating euros, dollars etc. The hand of the Elite is quite visible in cases like this because such moves don't make any economic sense in the context of said nation (Switzerland is not China that would be hampered by rising currency rates - in fact it would boost the perception of solidness and by extension their banking sector which is their ...core business). These moves only make sense under the macroscopic view of the global economy and in-sync / co-ordinated attempt to inflate all western nations simultaneously, in order to make devaluation imperceptible.
Now, regarding the end game. There is no end game unless they decide so. What they are primarily interested in is to make a financial reset that allows them to use a similar economic system as this one, without the economic system taking the blame for the "collapse". They want to attribute the fall to outside causes. Wars, disease, terrorism, "irresponsible corporations", natural disasters - whatever they can. They do not want to make it apparent that the debt-based system was a scam and doomed from the start. They will perpetuate this for as long as it serves their purpose and for as long as they haven't found the right excuse to proceed to a reset.
This is excellent. I will be copying (quoting) this two threads in the Economics forum.
Edit: note I had written similar explanations several times, including this published essay (but note I didn't understand at the time of that published essay that gold is just a hedge against government and the hyperinflation is not the normal outcome, which are both facts I learned from Martin Armstrong).