Hoarding is simply the same as saving. Savings are what makes capitalism a viable economic model. Inflation is a stealth tax from those who have last use of new money (the poor, middle class) to the pockets of those who have first use of new money (the banks, wealthy, government).
It is not quite so simple. Standard economists worry that if inflation becomes too low (or if there is deflation), incentive to hoard increases and incentive to invest drops, which could lead to negative growth, the bête noire of capitalism.
The free market will produce extended saving in money (and therefore lowering prices) only when it is called for, that is, only when investments were too high in the preceding period.
What we have
now, is that the decision to save, to invest, or to consume is taken away from the citizens, because the masters think that
they can decide better (And the sheep does not see what is happening).
Re: 6 new railways in China, Ghost cities, Olympic stadiums, bridges to nowhere.