I think that nothing life-changing is actually going to happen. We have already been there. And by there I mean a time period in the 19th century, commonly referred to as a Free Banking Era, when banks could issue bank notes against specie (gold and silver coins). It was during those times when the term inflation began entering into widespread usage and emerging in literature, though not as a reference to price changes but as something pointing to disproportions between paper representing money and the amount of specie actually available in the bank.
There were both deflationary and inflationary cycles then, but it worked quite well for the US economy. The US made the transition from an agrarian to an industrial economy. I think it's a big mistake to try to control the deflationary and inflationary cycles through a central bank with fiat, which in fact never worked out, but just artificially delaying the cycles and making the impacts much bigger.