Yup, we've seen this before.

It will probably get ugly - inflation is the only way Gvts seem to know to get down, because they can't raise interest rates massively until everyone agrees the pain is worth it.

Timeline? Oil Crisis of 1973, inflation through the 70's, but it wasn't until 1990(ish) that Uk mortgage rates peaked at 17%.

We could have a 20 year muddling through. Pro Tip - carry your savings in BTC (or land, or even gold) and your debts in fiat :-)