It becomes true if you permanently nationalize all the banks! Then virtually all the debt really is issued and owned by governments. That's not too far off wha

It becomes true if you permanently nationalize all the banks! Then virtually all the debt really is issued and owned by governments. That's not too far off what happened in the relevant countries after the last financial crisis, but far enough off to make a big difference (e.g. it would defeat the purpose of leaving one or two "good" banks per country that did not get nationalized)