If Every Country Is in Debt… Who Do We Actually Owe This Money To?

The modern global economy is not built on the repayment of debt but on the illusion that it never truly needs to be repaid. Every nation borrows. Every system runs on obligations stacked upon older obligations. Trillions in debt circulate through the global economy, not as something meant to be paid off, but as something endlessly renewed. What keeps this system alive is not money itself but confidence. In this episode, we explore how modern finance transformed debt into a permanent structure rather than a temporary burden. Governments don’t plan to eliminate debt; they plan to roll it forward forever. New borrowing replaces old obligations, creating a cycle sustained by belief, trust, and institutional momentum. You’ll discover: -Why modern economies depend on rolling debt rather than repayment -How sovereign borrowing became the backbone of global finance -The role confidence plays in keeping the system stable -Why attempting to “pay it all back” would destabilize the economy -How debt evolved from a liability into a foundational illusion -This is not a story about numbers — it’s a story about perception, trust, and the fragile agreement that holds the global economy together. -Once you understand this cycle, the idea of debt will never look the same again.