Thanks @choogirl
The debt is there in the form of SBDs as part of the Stable Coin peg mechanism. It is only by making it "Redeemable for $1 USD worth of STEEM" that it is able to be price stable....well, that was the theory anyway.
PS - I am not in "retirement" (geez, you make me sound old), I'm just stepping back to focus on more productive efforts (hopefully) :)