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Deflationary cycle might not be TOO BAD... Read up on the Great Depression of 1920 that failed to happen. Why? Fed wasn't too busy dropping logs in the toilet bowl of fiat currency like we have now. Also, the lame duck president (Woodrow Wilson) was too sick to put on his "Captain Save A (economic) Hoe" cape so he couldn't intervene in the economy. Warren Harding had a handsoff/tax cut approach. End result: 20%+ decline in output and employment reversed fairly quickly and economy went on to new highs up until Great Depression.
Sometimes, when it comes to Economics, the conventional wisdom "cure" is more fucked up than the disease. Sometimes, behind the fear lies normalcy. But you wouldn't get that impression when reading history books about Harding. He's poo pooed as an idiot, crappy speaker, and corruptocrat.
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