The cascade effect from this will make the Great Depression look like a cakewalk in our consumer driven service oriented economy.
When dollars are tight who is going to buy ice cream, fancy clothes, nice haircuts, makeup, vacations, and all the other non-essential crap that seems to make up so much of our economy? Most people will not be able to afford such things and these are small businesses that employ our neighbors. Consumer spending is already down before the idea of inflation even creeps onto the tongues of Americans.
This is typically how failed monetary systems end. Through out history, citizens suffer as their currency is debased and all the effects that go along with it including revolt.
Unfortunately we have front row seats.