There have been over 50 documented instances of hyperinflation in modern history. There are two primary factors related to the cause of hyperinflation. First, there is a significantly large disparity between the supply of a specific form of currency and demand for goods and services, and second, confidence is lost in that specific form of currency so that its purchasing power becomes devalued.
I have been writing about the EU debacle over Cyprus, which has followed Greece and Iceland, and is a precursor to Spain and Italy. Related to all this is the fact that there is €15 trillion collective government debt in the EU and $17 trillion federal debt in the USA, it appears that we are satisfying the second cause of hyperinflation. The West may be witnessing the forming of the perfect storm when it comes to monetarism and governmental meddling in the economy.
The ultra-rich, banksters, and spendthift governments have become addicted to easy money. Alas, the collective intelligence of the consumer class is not as low as they wish, and when the consumers quit spending, the economic miscreants resort to an insidious device, namely low interest rates. The rush of liquidity into the economy restores the flow of easy money, but it is akin to adding gasoline to a fire. Eventually, the fire will get away from you.
There is an extremely good chance that we will witness hyperinflation in the next few years, if not the next few months. Something besides fiat currency or debt-backed securities had better be in your piggy bank.