It's owed between central banks in an ever increasing Ponzi scheme. The strongest currency is the last to fall and it's happening, in real time, as I type🥳.

Just bought one of those bills on eBay for 50 bucks

All of the countries borrow and loan from one another. It’s one big casino.

This is why its better to talk about an expansion of the money supply (and possibly a contraction, when the debt is repaid) rather than national ''debts''.