It was basically the propping up of a failing fiat money system that has allowed Governments to accumulate far too much debt which eventually has to be inflated away.
There is no such thing as debt. If millionaires/billionaires can erase/evade debt, why can't entire countries?
The United States, are trillions in debt. I don't think a consolidation company, can help them at this point. Do you think the American brass, really give a shit? All of these countries use hand-shake deals, embargoes, and alliances to get what they want.
Do you honestly think that we are going to pay back China? No. We will just threaten to cut them off from the entire western world, if it came down to it.
America's debt to China, may be a real number, but the whole world knows that they will never see it.
Hell, we would go to war with China before then.
We are in debt to someone who isn't even our ally.