Aren’t the creditors that get screwed essentially the citizens of the countries? They pay money into huge pension programs that are pilfered with management fee

Aren’t the creditors that get screwed essentially the citizens of the countries? They pay money into huge pension programs that are pilfered with management fees and poorly structured investment portfolios. These citizens also, more importantly, backstop financial mayhem through funding of depository insurance programs (that apparently insure accounts beyond the insured amount … for arbitrary banks), direct bailouts to failed enterprises, and central banks that provide cheap money for the well-connected fat cats to disburse (or hold onto) as they wish. The system in the US is essentially corrupt and engineered to support the status quo. It is far from a free market supported by savvy players making decisions based on actual risk/reward principles.