In the sense that a managed inflation is the only solution available to the Fed etc, that it may not be controllable hence result in hyperinflation and that that may not be manageable back to a controllable state, yes, hyperinflation will probably fail in the sense that it becomes unmanageable.

I know that you have a good idea what has been going on economically the last few years. Deflation has become unacceptable, yet deflationary periods are a necessary part of a stable economic cycle. Things have got too far out of kilter, the necessary adjustment is not permissible. The rope stretches thinner and thinner, higher and higher.

Some things make this situation unique. Globalisation, de facto $ reserve currency, fungible oil / energy, US consumer of last resort financed by 80% of global savings, possible imminent resource constraints, I could mention more.

Probably the most significant is the dependence of the $ and US economy on foreign support. This could change in a day. When it does the current global economic and financial systems undergo a phase shift. We really have no idea what will happen then.

Very, very likely the $ and US economy will plunge. The interdependencies are truly scary. The Fed will inflate, probably hyperinflate since it is hard to see how mere inflation would suffice. It then becomes a question of whether that inflation can be managed back to something reasonable within a viable time and economic stability gradually recovered. Unlikely. If not then money printing will probably fail and deflation ensue since currency is likely to lose nearly all value - at some point printing paper ('money') becomes meaningless, severe deflation becomes almost inevitable then.

It will be different this time: we have got too good at avoiding the relatively little shocks (necessary adjustments). Now there is probably no choice: we must walk the tightrope and hope everything conspires to allow us to reach stability at the other end, going back is no longer an option. That chance is improbably small, and the fall is almost inconceivably great. I don't know if anyone can realistically envisage the result without being branded insane. I can see what happens but I am not yet brave enough to stare it in the face, nor are you.

I will leave you a last thought to ponder: if uncle Ben and the deflation fighters fail, if their bag of clubs don't work, how bad might the result be?