Your current rally cry around hyperinflation...and the link to the research paper speaking of "impending" inflation to spurn demand..then go back to the stuff posted on Ireland and their current crisis...
Now merge thoughts on the 2 situations...
The question I want this to open up in your mind is simple...
Currently, you are correct...debt is cheap. What happens when that mark changes to 4%. Not hyperinflation, as you are out here screaming about..just a paltry 4 points. What does that do to the cost of maintaining the debt load. A cost of capital of 8% is quite possibly going to topple what was one of the strongest economies in Europe 10 years ago...because they operated on debt and now they can no longer fund it.
The point is, it is not going to take hyperinflation to get us there. Its not even going to take Jimmy Carter level inflation to get us there.