I'm really dumb on economics, so I have a few questions: Is the dollar going to collapse anytime soon and what would be the immediate/long term effects of it here in America? What is hyperinflation exactly and what would the short and longterm effects of it be here in the US?
I do not know much about economics, but I do believe the US dollar is about to collapse. When you are a debtor nation and the other counties stop loaning you money that they know they can never recover they will stop loaning. The only two options then are print more money, or cut spending. As the US, and the rest of the western world, has decided is to spend more money they do not have the former choice in mind. This will lead to hyperinflation IMO. If you want to find out about hyperinflation just look what has happened to Zimbabwe in the last few years.
According to some economic articles I have read, by 2012, the market will be hyperinflated by Obama's stimulus plan. Two compared this hypothetical scenario to the Weimar Republic in Germany before Hitler took over. So maybe you should read up on that.
There is an impression that the US has crazy high debt levels like nowhere else in the world. This chart shows total government debt relative to GDP, a good measure of a government's indebtedness: Japan has had more debt that the US does right now for about a decade, and their currency isn't collapsing. Its not the only example, Italy also has higher debt to GDP ratio.