No it won't be horrible, even though many will think it is at the time.

It will be like boot camp for the oblivious. Some will lose it, danger will increase, food will become more valuable than any other thing, guns and bullets included. Silver will become the standard trade, but barter will be the new norm. Bicycles, motorized bikes, and motorcycles will be highly prized. People will quickly form small collectives with necessary night watches. Law and order will become immediate and final. Race and wealth as issues will disappear overnight.

Eventually, the shade tree mechanics and basement brainiaics will somehow re-invent the suspected free energy capture devices which even now circulate on the underground pathways.

People will realize what a disaster capitalism and unlimited wealth has made of the world and their own lives. Some formerly corrupt will be found and discovered. The secrets will be revealed. Mob justice may induce fear and panic amongst the elite whom like brainless boobs will attempt to retain what doesn't belong to them any longer.

Borders will become meaningless, people will begin to realize that without a billion laws and make believe divisions that we are all of one kind, and that only some few universal truths need be held for a civil society.

Hopefully, despite all the hardships which still await, hopefully I shall live to see these things before my time passes.