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Hyperinflation causes shrinkage real economic output in the short and medium term, so the 25% without checking accounts become even worse off and that already includes the poorest poor. It does reduce inequality but primarily by making the rich poorer. If everybody is half as rich then the gaps are half a big and we have inequality reduction hahaha but I lean total utilitarian and don’t care about inequality per se
@JonathanRay This is a lot of the probability space for me now as well. I've become convinced that the world is too complex for anyone to have a strong opinion on this. Maybe real output goes down, maybe it goes up because more people are able to participate (real global hyperinflation has never been tried ;)). Politics dramatically changes in unexpected and complicated ways, as do the economic systems downstream.
But if you treat the subsequent era as a mostly random walk that begins fitting to existing trends after a period, you'd still expect lower inequality in the initial conditions means likely lower inequality 76 years later.
I agree that inequality as an end is inferior to utilitarianism, but logarithmic utility of wealth aligns the two to some degree. Real output combined with some measure of inequality captures utilitarianism better than either on its own. The potential of an eternal ASI utopia throws a lot of that out of the window and prioritizes real output, but the potential for dystopia renders that moot. YMMV
Fiat currency does not have any intrinsic value, it only has value because people think it has value, whereas goods and services have intrinsic value. Giving everyone lots of money will only cause inflation in the costs of goods and services. In the long term, access to goods and services will remain disparate.