So would now be a good time to get into some fixed rate debt and buy some Euros? If inflation hits, I can use the Euros to payoff the debt I hold in US dollars.
If everyone starts thinking that we are fucked :)

Basicly it is always a good idea to diversify the financial risk and have different assets in your account. Just don't put all the eggs in one basket - you can buy some euro, maybe energy stock, some would also suggest precious metals (though these already overvalued to my mind).

In the short term there is a great probability that you will lose from euro - there is a rising interest rate differential that can cause the dollar to continue to appreciate in the near future. I'd watch the energy situation - if oil gets close or above $100 the risks of sudden dollar depreciation become pretty high. Our energy wastefulness costs the world too much and at some point they can decide to get rid of US demand just by dumping the dollar (maybe systematically and moderately but maybe not).