Modern currency is based on debt.

Every dollar that exists is debt.

That's literally how it works since 1971.

Every dollar that gets printed increases the debt because the money itself is debt tokens backed by the state monopoly on violence.

The debt isn't actually owed to anyone, the currency itself is debt.

The consequences of privatisation of central banks and the post 1971 debt based currency system.

Remove the total money supply from that number and you have the actual debt left behind that is actually owed