I don't doubt your scenario. I too believe the governments of the west shall reap a great wrath for all their relentless printing of money.... It is the "straw that will break the camels proverbial back"..
Inflation is hidden for now because they can give unlimited dollars to their people and their people buy unlimited cheap goods from the Asian countries... However, this shall come to an end as well and then inflation will run rampant and some governments shall fail. It is the few with lots of Gold that stand a chance of making it through the cataclysm.....