"The likely outcome of quantitative easing is not hyperinflation. Rather QE is likely to provoke a relatively quick plunge in the exchange value of the U.S. dollar."

And what happens when all countries are simultaneously applying QE? What does the dollar value depreciate against then?

A race to the bottom of valuation will only ensure all currencies loose value. Call it what you like, the end result is the currency will buy less.

John