Fiat debt is a form of money; with a fiat currency all forms of money are a debt of some kind. In the beginning the currency is backed by a hard commodity, this is representative money. When the exchange guarantee is rescinded the fiat currency becomes nothing more than a promise to provide thin air.
A debt owed from the Government is no different from fiat money itself, for that is what fiat currency is. Fiat cash is a debt that has been defaulted upon. Will the Treasury debt be made whole if it is (monetised and) replaced with cash? Has it then been paid?
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