The question; will there be a final collapse of all markets before the dollar is done being the reserve currency? There will be, but it may not look like a "colapse" of anything except the fiat currencies. The dollar is sure to falter, as is the Euro. I see no reason why the Sterling and Yen will not go with it.
The bonds should then take "haircuts" and to what extent should determine the subsequent currencies values. There is equity in the bonds, and it will lose out. What should not loose out, however, are the corporations.
Krugman, in his Nobel Lecture, said economics will allow a rise of firms. The firms hold sway because of ability. They will partner with the States. The States will sell the resources to the corporations. The corporations will produce the goods.
The people will be subsidized for their materials with some form of monie as their Central Banks will still issue credit. They will issue them to the Major Banks, the Houses of the Morgan and Sachs. They will loan to the system.
If this sounds similar it is. This is the system that was underhandedly planted over the last one hundred winters. But the dollar was not enough. The world was at stake. Now the world will have its own currency.
Egypt is the first major State to go. It is happening slowly because they do not know what they want. They have known nothing but monarchy. Hopefully a leader will emerge that can declare the State a Republic.