The thing about fiat is, there are many fiat systems that are interconnected with somewhat separated economies. You can very much have most of them die off and have their resources picked over for pennies on the dollar, and in the consolidation, be left with one or a few systems that actually are more or less close to collateralized. This seems to be more likely the playbook being used in the economic warfare we're seeing. Particularly with things like the Yentervention which involved dumping Euros to buy Yen. Europe has had a big red X painted on it, and is being targeted for pillaging in hopes to prop up the dollar as its assets get reappropriated.
There's a lot of pseudocolonies that become a lot easier to jump on once some of those nations are dealt with.
