> Reminder: $250t debt is $250t assets on someone else's balance sheet. It's only an asset when people believe they are to be repaid. It's not uncommon for a d

> Reminder: $250t debt is $250t assets on someone else's balance sheet. It's only an asset when people believe they are to be repaid. It's not uncommon for a debt holder to value debt lower than the amount. So in a perfect world debt = assets, and then some. This conversation is about a possible stressed system. In this scenario it's not fair to say debt is equal to assets and therefore all is ok.