Deflationary.
and may reduce economic activity very quickly.
Deflationary.
This will hurt a lot of people very quickly too.
Deflationary.
The States and Municipalities are toast. But Federal checks will always clear - well, at least for a while.
They will simply print more money with yet another Treasury bond issue. The central bankers will take the first cut for themselves(the "prime rate"), then pass the depreciating currency out to the rest of the system.
Inflationary