Hyperinflation is possible, but is unlikely. The manufacturing jobs have left US, with little hope of coming back because the entire supply chain is gone now. Outsourcing has now moved to the skilled workers. We will not see wage inflation anytime soon. Without wage inflation, price inflation is unlikely to happen.
The stratospheric home prices in China have started to descend. Although the government there is very powerful, the economy will still be impacted by falling home prices. The number of wealthy Chinese who have been coming to US to buy homes with cash is decreasing. CA home prices will likely start to go down again soon.
However, if you have tons of cash in the bank, it is not a bad idea to invest in real estate. Although CA real estate is over-priced, there are many places in the US where home prices are quite reasonable.
