House prices will crash right along with all assets fueled by cheap & easy credit. Let's not forget that outstanding debt can deflate, and credit growth can contract, much faster and to a much larger degree and extent than central banks can reinflate the monetary supply (see chart of monetary velocity below despite historic QE over the last decade). As for which currency would benefit from such a deflationary crash, given much of the world's debt is denominated in USDs the surviving dollars would benefit most relative to other currencies. During such a period of deflation only cash increases in real purchasing power (as history showed during the 1930s). Only this time the deflation will be so much more severe.
