> However, a higher velocity of capital without commensurate economic value being created ~= massive inflation.

This is a good point. Money maps to stuff and services. But there is ample surplus production (and unused capacity) in our economy.

Every year 40bn+ pounds of food is wasted at the retail level (on top of all the waste that happens before retail in production), while ~11% of the American population is food insecure.

Nearly every clothing company — H&M, Nike, Burberry, Eddie Bauer, and so on — destroys billions of dollars of unsold clothing every year in order to preserve their brand.

We have material abundance thanks to highly optimised mechanisation and more recently automation in agriculture and manufacturing. UBI can allow the poorest parts of society access the surplus that we would otherwise destroy.