orgprophet

Short term (next few years) your scenario is very likely.

I am thinking more about what the government response to that would be.

Probably the same as every time before. Print more money.

The question is do they print money until they go over the cliff (Hyperinflation) or do they eventually see the cliff and stop (Deflationary debt collapse).

In a deflation cash will still have value in a hyperinflation it won't.