Michael (Mish) Shedlock of Global Economic Trend Analysis does a good job destroying the hyperinflationistas:
Stack of Things Missed by Hyperinflationists
1. Trade math
2. Reserve currency math
3. Credit dwarfs currency and changes in credit and the value of credit are far more important than the changes we have seen in money supply.
4. Failure to understand pricing currency of oil is meaningless
5. Misconceptions about excess reserves (Please see Fictional Reserve Lending for a discussion).
6. Not understanding limits and restrictions on the Fed
7. Not understanding limits and restrictions on Congress
8. Failure to understand peak oil will not cause hyperinflation. Heck, peak oil will not even cause inflation.
9. Inflation in China, does not constitute inflation in the US.
10. Unfunded liabilities do not constitute debt
11. Myopia - The US is not the only country with massive structural problems. Let's stop pretending otherwise
12. Failure to understand the Fed will not destroy itself and the banks by allowing hyperinflation
Read the whole thing at Hyperinflation Nonsense in Multiple Places.