I agree. It has to be obvious to those in charge that this debt bubble that every single country is blowing cannot continue to grow forever, yet no country has succeeded in halting or even slowing their debt growth.

They're trapped, as you say, by each other. None can get off the ride before the others do. They will all need to fail together in a worldwide economic collapse, or agree unilaterally on some sort of global debt reset.

But that's not how grownups should run a planet, and it will doubtless lead to a lot of human death. It's already lead to uncontrolled growth that has damaged ecologies, fisheries, and aquifers for thousands of years to come.