The 'debt' is just treasuries. Interest bearing dollars. They get exchanged for non-interest-bearing dollars as they mature, continually rolled over as a back

The 'debt' is just treasuries. Interest bearing dollars. They get exchanged for non-interest-bearing dollars as they mature, continually rolled over as a backwards facing record of past deficits. It's the deficits that matter; and given that the rest of the world is saving dollars, they are quite necessary to maintain private sector spending.