How do you figure it will be “deflation”(less money in circulation) rather then inflation(printing of money)?
It can get a little complicated; I posted a link to an excellent article here a few days ago. At any rate, in simple terms: too much rampant debt means the money supply shrinks, no one can call in their debts so money gets scarce.
It is already taking hold in some advanced economies. The idiot Janet Yellin fueled inflation without refinancing our debt at near 0% interest rates. Now the Fed can't prop up spending with more inflation because interest on our debt is gorging the stuffings out of the federal budget.
We are not the only country in that condition. When the U.S. sneezes the rest of the world gets a cold. Enter BRICS... yet to be determined. We are teetering on the edge of collapse - just the way Joe Bitem and his party planned it.
Argentina went through this decades ago; from a leading world economy to an also ran. We are still sustained by being the world's reserve currency. There is little else to support our current dollar.
Note how Joe Bitem, with help from the D.C. 'establishment', keeps piling on more and more spending with no accounting. No one points that out, but an accounting is inevitable at some time. The Dems plus the Washington elites are visibly destroying the dollar. Can we sustain a $34 trillion debt? ...a $40 trillion debt? ...a $100 trillion debt?
As I have posted for years, what is the collateral on that debt? It is everything you and I own, including our children and our grandchildren. China would happily call in that debt.