No, its not at all the same.
HIVE is acting as a collateral and backup for HBD, with clear rules and mechanics in place, all transparent and on chain for everyone to see.... while in the fiat world, the currencies are issued without any collateral (use to be gold), debt is actually money, and there are a ton of hidden things.
We can debate how good of collateral HIVE is, but that is becoming a very wide debate for what gives things values etc ...