I agree some what, but more explanation of "debt" needs to be explored. Debt can be from money being borrowed from individuals or governments. The biggest creditor to the US is the Federal Reserve. The Fed reserve act of 1913 gave power to a group of banks that own the Fed to print money with no basis for the currency, then it loans that money to the US and collects interest on the money that it creates out of thin air.
It does not matter if the money is printed on paper or created as digital 0's on a computer screen, the effect is the same.
Did you ever notice that the crude oil is traded in Dollars? At this point Opec is beginning the process to start trading in Euros. They are smart, they see the fall of the dollar and want to get away from it.