There was the precurser in the form of steady inflation before the coming "hyper inflation" last year. The prelude of what is to come. Last year the 'flations meandered on bad news of oil spills and the like but always managed to climb higher. It was that steady inflation of money printing coupled with steady deflation of wealth destruction of the consumer economy by bankrupting States and the people who embody them. Now we enter the actual First Stage of hyper inflation. We see this with the "Third World" hyper deflation amongst the riots and coups. The value of their respective currencies is devaluing, so are the bonds that pay their debts, and they are forced to sell gold and other hard assets, like oil. They are trying to increase oil output in the midst of protests and it will not be easy. The Middle East and North Africa face a mighty battle.
If that deflation does not wipe out the world creditors first, then the world borrowers will spend their way to recovery, or die trying. The "First World" is engaged, and has been, in the same paradigm, but it is termed "Austerity Vs. Money Printing". So far the out come has been steady inflation. Now the "First World" and "Third World" are combining forces in world finance. This is the first stage of hyperinflation.
Soon Keynesiansim will fail and the end result will be the lack of ability to price assets in dollars. The worlds of the world will not know how to trade oil and other commodities when fiat is shown as the ponzi it is. There may be many stages to go, but we have hit V-2. There is no coming back from Hyperinflation.