Spherical cow model assuming everyone is honest and had steady income before this. Everybody just issues bonds to get paid what they used to make, and the government buys and tosses them. The inflation socializes the cost evenly. Where does this breaks if honesty holds?
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Then it become an indicator and an accelerant, overall, since inflation is high. Disproportionate effort will go toward 'correcting' the income ratio. None of these are short term problems. I think more immediately, the idea mistakes the 'socialized' actual value of money.
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