Money and Debt in A Better World, by Gary Christenson.

In a better world we might expect:

• Individuals, corporations, and governments spend no more than their income.
• “Honest” money is used by all, has intrinsic value, retains its purchasing power and is not counterfeited by individuals or bankers.
• Governments and bankers support and encourage “honest” money.

Alas, we live in this world and must realize that:

• Debt has increased rapidly for the past century. …
• Currencies are IOU’s issued by central banks who promote ever-increasing currency in circulation, expanding debt, and continual devaluations in purchasing power.
• The “[paper]-currency-game” will continue until it implodes.

This is the US Federal Government, but is fairly typical in a proportional way for most western governments (the Federal Australian Government is unusual, in being debt free from 1998 to 2008):

The economic world runs on debt and credit. Dollars are created as debt. …

Central banks and commercial banks create more dollars, yen, euros, and pounds, thereby diluting the value of all existing fiat currencies. Consequently consumers must protect their purchasing power.

The government and central banking “borrow and spend” business supports and benefits the financial and political elite, so it will continue.