...........as someone who has been involved in negotiating large debts on real estate deals the past 44 years, I am against your very valid “idea” for at least 5 reasons, in no particular order, to wit:
1. I don’t think the math is right.
2. There are huge offsets to much of this debt which for the unknowing means vast amounts of it can just be negotiated into oblivion/evaporation. I once settled ten million for 80k just as one example.
3. I’m against any National Park being sold that was created before Bush 41.
4. There’s borrower’s and there are creditor’s. BOTH ASSUME the risk when they close the deal!
5. China debt and Japan debt can be blended into trade deals almost painlessly.
default ?