That's actually part of the key nexus I alluded to above in bringing Japan into this global equation. The Japanese export economy simply cannot tolerate American hyperinflation. As their banking sector and bond markets came under pressure, they would need draw on their American assets to maintain their solvency - as would other Asian economies. This would suck liquidity out of the American economy even as the Fed attempts to increase the monetary supply and prevent the onset of deflation induced in part by East Asian devaluation.
The Europeans would seem stuck between a rock and a hard place. Simultaneously service-based and export-dependent by sector. They'd want to pull assets out, but they'd have no obvious havens for their funds since their markets would be under even worse pressure. I'm uncertain what they'll do in the final analysis.
We are in an era of economic M.A.D. - where any given economy might sustain itself over the long-term only at the expense of another.