Great article with many tangent ramifications . This is similar to the way we as analysts look at operating leases. While both parties intend to continuously roll the leases, they are a necessary part of doing business. In 2019, FASB finally required these leases to be formally recognized as debt on the balance sheet. Along with the fact that "getting out" of repaying maturities requires a workout or cancellation, loans that neither party expects to be repaid should still be considered debt.

This article also touches on the continued melding of the Federal Reserve into the Treasury Dept. But that is a topic for another day. Again, thanks for a great read.