I noted this some 30 years ago (give or take) when working in gold futures. The biggest debt in the whole rotten financial system is NOT with so-called governments, but in derivatives!! Yes, private debt, in the hands of private banksters. This is the debt they wish to shrink - by hook or by crook.
I found this article a few weeks back while looking at BIS.
Dollar debt in FX swaps and forwards: huge, missing and growing
That was posted 5 December 2022. Also,
FX swap debt a $80 trillion 'blind spot' BIS says
A month later, crypto vlogger Lark Davis "wakes up". If you prefer listening to an uptight voice, go ahead, or read the above papers.
(This is not an endorsement.)
Anyway, the most important thing is to understand the true nature of this huge global scam. Those $80T are just the FX markets, excluding all other derivatives markets. Where did the money go? Some of it is just sheer incompetence being kicked down the road by rolling over futures contracts. The other, which is my main suspicion, is that on the other side of the debts are huge assets, mainly land and mineral rights, but nobody wants to give those up, because material things matter, whereas fiat currencies can be magicked away.
Blaming governments is partly true, as they follow what their central banksters tell them, but this is just to screw people; the biggest lie is kept hush hush... or not so hushed up if even the BIS is twitching at the curtains.
Another option is that derivatives profits are funneled in one direction, while the losses in another - then detonate when critical mass is reached.