> Like the U.S. Government prints it and spends it, so its not clear to me that there is a balance sheet of cash being someone elses debt. The US government pr

> Like the U.S. Government prints it and spends it, so its not clear to me that there is a balance sheet of cash being someone elses debt. The US government prints it (“quantitative easing") by creating new money and buying its own debt. In this sense it’s still correct to say this Government printed money is backed by debt. Nb. That this is only a small proportion of the overall money supply though. Commercial bank deposits (created through bank lending) represent the vast majority.