Meanwhile here is an article written from a Marxist viewpoint to help you get a feel for it. Please feel free to spend a few minutes to read the entire article. https://www.wsws.org/en/articles/2020/07/14/debt-j14.html But here is a few paragraphs.
"The Politics of the Capitalist Debt Economy."
"More debt, more liquidity, more asset reflation” was the bank’s conclusion. According to one of its leading strategists, Nikolaos Panigirtzoglou, there will be a $16 trillion increase in debt this year, taking the total amount of private and government debt in the global financial system to $200 trillion by the end of the year.
So far this year, top-rated US corporations have issued almost as much debt as they did in the whole of 2019. The total raised by investment grade firms is just $27 billion less than the $1.15 trillion they issued over the course of 2019, putting them on course to exceed the record debt issuance of $1.37 trillion in 2017.
Markets froze at the end of February and in the first weeks of March. But after the intervention by the US Federal Reserve, which stepped in to act as the backstop for the entire financial system by purchasing assets ranging from government bonds to commercial paper, April was the biggest month ever for new corporate bond sales.
The debt binge is not a recent development. In this, as more generally, the pandemic has proved to be an accelerant of trends already underway long before it appeared on the scene.
According to a report in the Financial Times last week, there has been a “relentless build-up in corporate debt in the US, where companies now owe a record $10 trillion—equivalent to 49 percent of economic output.” When other forms of business debt are added in, the newspaper said, “that already extraordinary figure increases to $17 trillion.”
(Now this part is what separates Marxism from everything else which is written about unsustainable money printing and debt)
Endless money printing begins to call into question the stability of the dollar and other major currencies that form the basis of the global financial system.
Financial assets—the prices of which are inflated by the Fed and other central banks—do not in and of themselves represent value. In the final analysis, they are a claim on the surplus value that is extracted from the exploitation of the living labour of the working class.
And herein is the objective source of the other central feature of the present situation—the homicidal return to work drive being imposed by capitalist governments around the world in the interests of the financial oligarchies they represent, even as the pandemic spreads and intensifies.
Value must be pumped back into the mountain of fictitious capital the ruling classes have created to bail themselves out through a “restructuring” of class relations, no matter what the economic or health costs to the producers of all wealth, the working class.
The history of the past decade and more, since the crash of 2008, has demonstrated there is no possibility of reform of this system.
Rather, just as austerity was imposed after that crisis, a new round of “restructuring” is now being organised, as evidenced by the push to withdraw even the limited pandemic-related social welfare measures on the grounds that they must not be allowed to become a “disincentive” to work and that so-called “mutual obligations” have to be enforced.
Against this class war “restructuring” the working class must advance is own independent program based on the fight for political power as the first step in the establishment of a socialist economy based on human need and not the dictates of profit.
