They say the problem is not the ceiling, the problem is the debt.
I say the problem is not the debt, the debt is the symptom of the real problem.
So, what is the problem?
On one side you have a country that produces almost everything (China) and on the other millions of consumers that produce nothing.
In order to consume in USA you have a monstrous private debt, and in Europe a monstrous nation debt due to the fact that where there are no jobs, the State becomes the employer.
And, of course, all with the approval of the immense and steadily growing financial system.
They (the central banks) create the money out of nothing, lend it with interest to states and private people, the debtors are happy, the creditors are happy, the producers are happy.
But it is clear that it cannot work and someday, somewhere it will have to stop.
When the last of the chain, the one that works will be tired of working for paper money that is not even worth the paper on which it is printed (infact mostly it is digital money).