It is strange that that map says the US debt is $14 trillion. It is over $18 trillion by now.
I checked the map. It is saying that all the countries have some debt, even the green ones. I wonder, then who is lending ? I mean, is there any country without a debt ?
p.s. Sorry, I'm not good in economics.
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All loans could in theory be paid back, extinguishing all debt. If the loaners are not able or willing to pay back, the loans could be written off as a loss, same result in the aggregate.
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could you explain how this can work in a system operated under fractional reserve? (except for mass defaulting of the loans)