The year is 2040. The progressive democrat party has been in office for 8 years under President AOC and despite multiple efforts during her term to legislate away billionaires, wealth inequality is worse than ever. In a last ditch effort to cement her legacy, a loophole was found in the 2035 "end all billionaires" bill, that gives her executive authority to make everyone a billionaire if billionaires have not been eradicated by 2040. The week before the 2040 election she signs into law "executive order- 12345" which gives the Federal Reserve the authority and directive to create 350 Quadirillion USFedcoins and at 1201am est the morning of the 2040 election to deposit 1B USFedcoins in each citizens FedNow wallet.
What happens next?
Thought experiment curtesy of @grayruby
TL;DR Every American is given one billion dollars of freshly printed fiat.
Beyond the obvious general rise in prices, what are some interesting dynamics that are going to unfold that people don't usually think about?