Great analysis as usual Bug, although I still don't fully understand why there's debt in the first place. However, kicking the can down the road seems like a bad idea. Thanks for coming out of "retirement" to enlighten us among all the "buy the dips" and "HODL strong" posts.
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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) :)