Well, when everyone owes everyone else money, it’s kind of a wash, isn’t it?
True, but it is the admission that cause the SHTF. As long as everyone can pretend they can collect uncollectible debts, the PONZI goes on in bliss. When the musical chairs end and someone actually says “I can’t pay”, like Greece, then the house of cards starts to fall.
That is where we are now.