We've never had hyperinflation in the US. We've had high inflation, but never hyperinflation. And we've had very low inflation since the 80s, including during the decade-plus period of practically-zero interest rates.
Hyperinflation is a completely different issue from inflation, and it's kind of odd for it to become the monetarist bugaboo. When the US has a massive war debt payable immediately, or a complete economic collapse that the government decides to cope with by price controls, then you'll see hyperinflation. But then, hyperinflation will be the least of your problems.
Not technically the US, but the Confederacy did experience hyperinflation during the war. They ran the printing presses at full-tilt without anything tangible to back them up. And obviously once the tide of the war shifted things got real bad.
Also not technically the U.S, but during the Revolutionary War the continental dollar underwent hyperinflation, leading to the phrase "not worth a continental". By the end of the war they were worth less than 1% of face value and had ceased to circulate as money.
Well... the 1970s weren't a hyperinflation, but we were trending there. Inflation was not only high, it was increasing. Would we have wound up at hyperinflation if Volcker hadn't clamped down at the Fed? I don't know; that's alternate history. But it felt like we were headed there.
I'm sorry, but this is just wrong: inflation was high but fluctuated a lot and by no way you can say it was “increasing”. You're rewriting history in favor of your political bias.
I'm sorry, are you psychic? I didn't say anything about a political bias, nor anything to even hint at one. You're making up stuff that you think you know about me, with no basis.
To the data: I agree that there are fluctuations there. But average inflation for the decade of the 1960s was 2.45%. For the 1950s, it was 1.82%. The inflation rate even for 1972 was above the average rate for the 1950s and 1960s. 1976, the bottom of the next trough, was higher than 1972. And then you look at 1974 and 1979, in the context of the 1950s and 1960s, and yes, it sure does look like inflation is increasing. Yes, there are decreases (business cycle), but each cycle is higher than the last one.
Hyperinflation is a completely different issue from inflation, and it's kind of odd for it to become the monetarist bugaboo. When the US has a massive war debt payable immediately, or a complete economic collapse that the government decides to cope with by price controls, then you'll see hyperinflation. But then, hyperinflation will be the least of your problems.