From Bloomberg:
Rising public debt could lead governments to seek to eliminate it through inflation or even default if they fail to carry out fiscal measures in time, Mohamed A. El-Erian, co-chief investment officer at Pacific Investment Management Co. warned earlier this month. Nassim Nicholas Taleb, author of “The Black Swan,” a book arguing that unforeseen events can roil markets, said March 12 he is concerned about hyperinflation as governments around the world take on more debt and print money.
Barnaby Is Right 
I’m not really convinced by the inflate it away argument, alot of liabilities are tied to inflation.
http://georgewashington2.blogspot.com/2010/03/if-we-cant-inflate-our-way-out-of-debt.html