I've heard several economists say that there will be both deflation and inflation, depending upon the asset (this applies for the USA). For example, housing prices are generally WAY too high and will eventually be devalued because of 1) the baby boomers will be retiring and dying off in the next 5-10 years on a massive scale, 2) houses have been overbuilt for the last 2 decades, 3) the millennial generation isn't buying houses because they can't afford the extra debt on top of their student loans, 4) the increasing # of people on welfare and in poverty makes owning a house too expensive, 5) all the immigrants who come into the country aren't buying houses, they are renting 6) property taxes will skyrocket once the crazy-inflation hits on "basic" items like...
1) food, since we import too much from elsewhere
2) items imported from China and elsewhere (think 90% of stuff at walmarts, targets, lowes, home depot, etc)
The above 3 items will be hit with massive inflation because their products have been subsidized for decades, to keep them at lost costs. But once governments across the world dump the international dollar and stop buying US treasuries, then if we want to continue to import this stuff (since we don't make it anymore, as our industrial/manufacturing base was killed off by NAFTA), then we will have to pay higher prices (i.e. we'll have to pay for this stuff in euros vs dollars).
Until the US is re-industrialized, then all imports will cost more...a lot more. Meanwhile, housing prices and real assets will take a hit because there's too much supply for the demand. As I understand it, the above 3 items would also deflate in price, due to the # of retirees and baby boomer deaths, except we have millions of immigrants coming into the country which will keep supply high on "the basics". But they won't be buying houses, expensive cars or real estate. Also factor into this the fact that the middle class is shrinking because of the rise of corporations and mergers, etc. So the fewer middle class people mean that more are going into the lower classes for the first time, so their needs will be the same as immigrants, i.e. just the "basics".