According to the Austrian economics-inspired crank Marc Faber, hyperinflation in the US was “100% certain,” no less!
Well, we are still waiting for that alleged hyperinflation.
Philip Pilkington has an old but wonderful post here that really is one of the best refutations of this nonsense I have ever seen:
Philip Pilkington, 2013. “Hyperinflation! The Libertarian Fantasy That Never Occurs,” Nakedcapitalism.com, March 6.The answer is, quite simply, that Austrians and hyperinflation cranks do not – and have never – understand real world capitalism.
Their economic models and assumptions are virtually worthless, and they have never understood the role of administered prices/mark-up prices, excess capacity, and stocks/inventories in modern economies.
I advise them to read Nicholas Kaldor’s classic Economics Without Equilibrium (Armonk, N.Y., 1985), simply one of the best short introductions to real world capitalism you will find.