In Armstrong's latest post he says:
Hyperinflation - All Just Hype
Hyperinflation is a good sales pitch but it PRESUMES government will honor all its promises. There is no indication in history that any established government has EVER done such a thing. They will confiscate everything they can, raise taxes that kill the economy, and the less revenue they generate the higher interest rates will rise forcing further defaults on debts.
[...]If we use 26% inflation per year as the cutoff for hyperinflation, then hyperinflation has happened many many times. In the US alone there are several in the colonial period, the revolutionary war, and the civil war. Armstrong makes it sound like hyperinflation is something that can only happen in a bad theory with false assumptions. Really it is something with many historical examples. Plenty of real world experimental evidence.
Hyperinflation PRESUMES they will honor their debt. If they do not, it just vaporizes and that is DEFLATIONARY.
Really, there is no history of a government ever defaulting on debt in their own currency. They just print to pay off the bonds. If you look at Japan now the interest is only 0.19% on 5 year bonds, not rising higher. This is because the central bank of Japan is making money like crazy to buy up bonds. This is the normal sort of thing leading up to hyperinflation. In the end the value of the paper they are using to pay off debts is a small fraction of the original value, so this is not particularly honorable, but they do not default.
Armstrong has hyperinflation all wrong.