No you're not. I don't know about hyperinflation, but enough paper has been printed to insure that some inflation will ensue. At the moment things are capped because the banks have to build up reserves to cover the requirements of Basel III, but at some time in the future the banks will either be told to spend money by the politicians, or else will decide that they are holding too much capital and history will repeat itself. A basic problem is that politicians will not ensure adequate steps are taken to safeguard the banking system unless it threatens to blow up on their watch, rather they will encourage the banks to lend money as this creates the illusion amongst Mr Average that life is great and is therefore a vote winner. That's how Gordon Brown portrayed spending 44% more than he received in tax over 5 years as prudent. To have spent 45% over would of course have been irresponsible. As far as bankers are concerned, reforms are needed to align bonuses with physical wealth creation rather than paper profits which can be massaged up or down depend on the message that they wish to convey by the use of exceptionals. So make them hold physical assets when they trade futures - e.g. Canary Wharf would make one hell of a grain silo.