> For me, debt is good. It allows me to consume less than I produce right now so years later I can consume more than I produce.

Individuals produce less taxes than governments spend and consume more than a paycheck. This gap is what got Greece into trouble but it certainly felt like "the good life" while it lasted.

> But at the world level, it's just some of us choosing to consume more than we produce right now, and others of us choosing to consume less than we produce right now.

Every generation since the 1950s has consumed unsustainably high returns on their taxes (by government expenditure and with maturing bonds paid by bonds issued). It's fraudulent when extraordinary returns to earlier generations are funded not by growth but sustained by new generations seeking the same returns.