If you take all the national debt in the world and assume it is paid of then who is going to be immensely rich? Every single country need to use more money to keep the society working. The extra money needed is "borrowed", but it is not not real money because no-one will ever use the money. Let the debt be eaten by inflation. In the economy it is important that people work and that they can get everything they need for their daily life. Austerity to pay debt does NOT work if all countries do it - The economic system does NOT work when countries like Germany - Norway, Danmark Sweeden is managing their economic system to have a surplus - then what are poorer countries going to do? Economy is a question of balance - money in national economics is a tool to manage the workforce -and national spending. Some countries must all the time spend more money than they earn to keep the world running. If USA stop to import from China then China will fall into a very severe economic crisis