What little people seem to ask when it comes to state debt is: if every single country on earth is under extreme debt, who is lending? Some will say "private investors!", ok, with what money?? If the country they are in is asking for debt, and is the responsible for minting currency, where are they getting enough money to lend to another country? The truth is that all of this schemes of mutual debt are solely a facade to hide emission in the form of debt, forced to be paid by people in the form of inflation and ever rising taxes, without the use of force nor even political justification. It's perfect. Until it collapses.