From his latest column:
This is why I am not persuaded by those people who say that hyperinflation in the United States is inevitable. I don't think it is. I think default is inevitable, but I don't think it needs to be default by hyperinflation. That is because the government cannot get out of its obligations by fiat money. It cannot default by using hyperinflation, because hyperinflation will only last a few years, but the obligations last for the next 75 years. In other words, the default will be much more open. The government is going to have to renege on promises made to the vast majority of people who are now dependent on the federal government for their retirement income, and it will also default on the workers who are still in the workforce, who are paying each payday into Social Security and Medicare.Exactly. Inflation does nothing for these types of entitlement liabilities (probably makes them worse) and also does nothing for the short term borrowings of the federal government. Plus, the Federal Reserve is massively long bonds, so inflation would blow them up - to whatever extent that is even possible, anyway.
Anyone who makes the case for inevitable hyperinflation needs to present evidence on how hyperinflation will enable the United States government to escape the political obligations of the promises that it has made to retirees.