That's using a lot of fancy words to define debt. Debt is debt: money or value to be paid back, in the future. > In other words it is a component of the money

That's using a lot of fancy words to define debt. Debt is debt: money or value to be paid back, in the future. > In other words it is a component of the money supply that allows people to save safely for the future. All debts have risk. There is no zero risk instrument, as the currency itself can devalue even if you get your basis back. > The stabilisation policy for an economy needs to be in the market for labour, not the market for money. Not sure what this means. Maybe you have an idea that you want to better articulate?