More debt than money: I looked up the U.S. Federal Reserve numbers. There is currently about $1.5 trillion is U.S. physical dollars in circulation. The total federal debt is north of $22 trillion. The extra $20 trillion is thin-air, digital currency. The United States' fiat currency has largely been a digital currency for decades.
I would think that it is the same in most countries around the world that have a central bank.

Have a great week!
Steem on,
Mike