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While not an expert, I have wrestled with this issue (among other financial subjects) for many years. After years of watching and talking and commenting (ZH and other places) my *guess* would be along the below scenario playing out:
1) The first big thing to happen would be a scary stock market crash, and other bad things things happen to the financial system (bank failures, maybe credit cards not working, etc.). This would likely be deflationary.
Once things got scary enough...:
2) The central banks and governments would be under enormous pressure to inflate by printing money (or similar). Then that would likely lead to hyperinflation.
It could go either way though. IIRC, Germany had a deflation after their horrid experience with hyperinflation in the 1920s.
Since we really have no way of knowing would will happen (not even Maloney and Dent -- although they are both smart guys), my suggestion is to be diversified in asset holdings as well as having as little debt as possible.
You're right about the hyperinflation part, and that is also why Nazi Germany became a thing in the 1930s. They were literally brought into power by people who just wanted to earn a living and get by, and it was known as the Germany Economic Miracle iirc.
As for the current state of the world, we could see either deflation or inflation in our future. Inflation is likely, however deflation might have its place if interest rates start going negative.
Interesting times we live in.