I think this is equivalent to a UBI, where the amount of the UBI is pegged to the amount of money in circulation. You have certainly identified my big issue with capitalism—that it measures value by what the already rich value. And I think I like this way of scaling a UBI better than just a fixed dollar amount or even pegging it to the value of a fixed basket of goods (inflation). This would actually address long-term wealth inequality, and provide some incentive for the rich to spend down their wealth.
I think this is equivalent to a UBI, where the amount of the UBI is pegged to the amount of money in circulation. You have certainly identified my big issue with capitalism—that it measures value by what the already rich value. And I think I like this way of scaling a UBI better than just a fixed dollar amount or even pegging it to the value of a fixed basket of goods (inflation). This would actually address long-term wealth inequality, and provide some incentive for the rich to spend down their wealth.