Ah, you mean unauthorized "redistribution", not unauthorized "vanishing debt".

Technically should do less harm in terms of inflation, but money lying around is different from money being used, so there'll still be an increase in inflation.

The part about causing havoc - kinda same, there may not be direct inconsistencies as in the initial variant, but there'll still be some confusion due to the "top 0.1%" possibly being petty and trying to get their money back.

I frankly prefer changing the rules so that there'd be fewer artificial barriers for competition and economic efficiency to this. Say, patent law and trademark laws and IP laws have basically outgrown their usefulness and are now just a plague. Same with various licenses and practices for medical/pharmaceutical stuff (I know that things should be tested and an average person can't tell a hoax from a normal thing, just entities doing certification shouldn't be able to block stuff which would then be used to create oligopolies). Same with telecom. And so on.

Except for air traffic, water traffic, road traffic and radio, of course. Not regulating those would mean, eh, real havoc.