When people don't have money to meet their non-discretionary needs and unemployment reaches 20-30%, which is worse than the Great Depression, what follows is deflation and depression on an unprecedented macro scale. At the street scale, starvation and homelessness would be the impact; Venezuela, Cuba and the UN would be flying in doctors, refugee camp materials and food to the US.
Massive UBI directly to individuals and small businesses enough to meet basic needs is essential, and will be spent into the economy because MPC will be nearly 1.0. Otherwise, the US economy will contract more and for longer than at any point in recorded history.
There is a huge incentive to take risk on others' behalf and profit on one's own, then brag that one is a risk taker and an alpha male. You can see this behavior pretty much everywhere.
By bypassing banks with Fed Accounts, it just makes handing out cash even easier. They do it in other countries all the time. Saudi Arabia routinely gives citizens thousands of dollars direct to their bank accounts to keep them sated.