The fact is that the US has now racked up over 12 trillion in debt and climbing. (If one adds in all unfunded liabilities the number is upwards of 100 trillion)
Unless one thinks that the United States of America, the largest economic power in the world, is going to willingly default on our obligations and willingly send ourselves and the rest of the world into a massive depressionary spiral I don't see any way out of this mess other than to inflate the money supply.
If someone can show me how we can possibly pay our skyrocketing debt in any other way then I might buy the deflationary scenario.
By the way I put the odds of the US willing defaulting on our debt at 0%.
And the odds of inflating the money supply at about 110%.