Keith,

There very much are limits on how much debt a government can issue. The eventual response is that those holding large piles of these debts trade them for public assets and the public space becomes privatized. Aka oligarchy.

As you observe, money is a contract, with the asset backed by a debt, not a commodity, such as gold, bitcoin, or tulip bulbs, where the value is based entirely on supply and demand.

It is not the function of government to fund every want. Reality is this dichotomy of energy pushing out, as form coalesces in. Galaxies are energy radiating out, while mass/form coalesces in. Our bodies have the digestive, respiratory and circulatory systems to process the energy driving us on, along with a central nervous system to sort through and referee the multitudes of desires and opportunities. Society is the multitudes of factions pushing their agendas, against the civil and cultural forms that evolve to select those more useful than destructive.

As such, government, as executive and regulatory, amounts to the central nervous system, while finance functions as the circulation mechanism, allocating resources. Simply enabling everything is metastatic and the organism exceeds its possibilities and dies.

Obviously politicians live and die on the hope they provide, so as you first observed, the flaw of democracy is democracy. To give everyone what they want. Yet the head and heart are different organisms, with different functions, so government cannot be directly in control of the banks.

Yet banks are having their Marie Antionette moment and forgetting they serve a function to society, in order to be served by it. It’s as if the heart is telling the hands and feet they don’t need so much blood and should work harder for what they do get.

Off to work…