I got the impression from Armstrong's recent articles that he's...

I got the impression from Armstrong's recent articles that he's looking for runaway inflation first then a depression. Perhaps. Despite my great dislike of Prechter, I think he's got the more correct bigger picture view where deflation comes first with a resulting depression then perhaps hyperinflation as the fiat currencies collapse. We are already seeing signs of deflation coming. We all know Japan has been in a virtual depression for many years. I think much of the rest of the developed world will follow. If hyperinflation were to come about first, then I would expect gold to be much higher already to warn us of that given it's currently no where near the inflation adjusted peak some 30 years ago.

Pure conjecture of course - just my opinion.