Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.
And Bitcoin, big surprise is pegged to them. It's a closed system folks.
Could you go into more detail on how bitcoins are
pegged to USD? I look at bitcoincharts.com and I see that the exchange rate between the two floats around with great volatility, just about as far from
pegged as one can be!