Loss of confidence in a western currency is highly unlikely because people don't get paid or transact much in cash. They are all part of a big corporate system which means salaries and prices can be more easily controlled. High inflation yes, hyper-inflation - I just can't see it.
I think a more likely outcome is hyper-stagflation where the price of imported essential goods increases significantly, while debt funded assets start to collapse. So food, energy (and transport) and medicines will, and indeed are, seeing big increases, while consumer goods funded by credit, houses and cars will collapse. Essentials are already increasing massively, just look at rail fares and shrinkflation in food. What we haven't yet seen in the UK is a collapse in debt related assets - that will come when interest rates begin to edge up.