Would inflation actually be hyperinflation considering how many dollars are being printed?
Or would it be an acknowledgment of reality?

In some ways, I am not sure that I wouldn't be happy to see a little inflation. The interest rate on bonds is deplorable for savers, BUT then the federal debt goes into turbo mode. We have walked a thin line for several years. A has not equalled A for way too long in the rest of the world, but it will eventually lead to a crash and a restoration of A = A.

Economist covers have always been spectacularly accurate contrary indicators, rivaled only by Business Week covers. Is this a cover story? If so, bet on deflation. If not, there is a higher probability of inflation, although I never found Economist economists to be all that accurate.