You have done your homework. Commercial Banks roll up their garbage to Central Banks and then Central Banks roll up their garbage to the IMF. The BIG problem we now have is that the IMF is issuing SDR BONDS like confetti. When these default AND THEY WILL ... Who they roll their garbage up to? The Mars Bank?? This is a BIG BIG BIG problem.
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yes clearly we are all in serious trouble due to the trend since the late eighties of spend ,spend ,spend with little or no thought on who will pay our debts !! I suppose the solution as ever will be war as in the great war and the second ! Sad how history repeats like some old scratched record !!