I don't think it's hard to predict. If you look at what happened in deregulated securities markets it's easy to predict what would have happened if they weren't able to debase the denominator. Those securities markets would have just dominated debt markets and generated a huge variety of financial instruments for extremely niche situations that involved asymmetric information, and those would have been packaged and sold as derivatives over time.

We live in a world polluted by motivated reasoning so basic speculation feels difficult, but it's really not.