I think the difference will be when credit markets unfreeze is...

I think the difference will be when credit markets unfreeze is there going to be excess liquitity still awash in the financial system or will the central banks re-absorb it all? There are trillions of dollars being created and pumped into banks everyday all around the world during this crisis and very low interest rates to boot, so there are alot of dollars that can be thrown into this game at anytime.

If there is still excess liquidtity in the system after the crisis, then the banks will be more inclined to find some way of loaning it out into the economy and due to the low rates people will be begging for it. thus possibly re-inflating some other asset base and the possibility of hyperinflation due to large ammount of money were talking about currently in the system.

If they absorb to much then lending will be restricting growth and therefore deflating asset prices and causing a deflationary enviroment. So I think its really upto central banks how things playout .