You're just parroting Keynesian theories of elastic money, deficit spending etc There's nothing new.
If you take the example of China and the USA. You have one country spending and the other receiving effectively what are paper IOUs. Whether they are cash or bonds matters not. They are IOUs.
So what do they owe exactly?
How much longer do people accept IOUs?
The key is that the piper must be paid eventually. You can't continue to owe indefinitely, since the people you owe are going to want to collect their labour and effort.
At some point the dollar IOU will be refused. That is the point of bankruptcy. You can print or will into existence as many IOUs as you like. But if they are not accepted then you have a problem.
People will not accept debt that cannot be paid.
Gold is free of debt. Gold IS payment. Final. No bs.
