It can get a little complicated; I posted a link to an excellent article here a few days ago. At any rate, in simple terms: too much rampant debt means the money supply shrinks, no one can call in their debts so money gets scarce.
It is already taking hold in some advanced economies. The idiot Janet Yellin fueled inflation without refinancing our debt at near 0% interest rates. Now the Fed can't prop up spending with more inflation because interest on our debt is gorging the stuffings out of the federal budget.
We are not the only country in that condition. When the U.S. sneezes the rest of the world gets a cold. Enter BRICS... yet to be determined. We are teetering on the edge of collapse - just the way Joe Bitem and his party planned it.
Argentina went through this decades ago; from a leading world economy to an also ran. We are still sustained by being the world's reserve currency. There is little else to support our current dollar.
Thank you