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It's a worldwide liquidity crisis. The good will be sold with the bad. The Fed is very brave at announcing more rate rises whilst crypto and stocks are falling but it won't be long before governments (eg municipal, state) and big companies meet margin calls. If you don't believe me look at the price of credit default swaps.

The Fed will not sit back and leave tens of millions of people without their pension entitlements and even if they did, the government would step in. This is end of days stuff. Once pensions start being reneged on the path of least resistance for everybody will be to print. But the moment it's clear the Fed don't care about inflation (and I mean really care about it Paul Volcker style*), real stuff (along with gold, BTC (not altcoins they'll all fall to zero)) will go crazy.

*I should say that even Paul Volcker wouldn't be able/willing to save the currency in this situation. The debt levels are too extreme.

Just think about Japan for a second. "Debt doesn't matter - look at Japan they've had high debt and everything is hunky dory." That's what they said for 20 years. Now everybody else is raising rates but the JCB don't dare to so their currency is collapsing.

Japan is utterly f***ed. Expect hyperinflation and an 80% drop in living standards in a country with no commodities and lunatic debt.

With wise leadership (hahahaha!!!) Australia's standard of living might only fall by half.