I know how we can remove all our national debt. Dump the dollar. Start a new currency. It could be done. For example, lets say one country defeated another and took it over. Made it part of their country. But the country that was taken over had a huge debt. Would the country that took it over be responsible for their debt?
Oh boy, I am not a versed WTO economist.
Japan's national debt ratio is at around 260% (13 trillion debt) - a large (I do not know the exact %) of Japans national debt derive from credits forwarded/backed by the USA.- so e.g. the USA "incorporating" Japan would raise the US GDP by 5 trillion - but the US treasury would still be facing the fact of having lost their credits e.g. 5 trillion to a no more existing Japan. The USA would now even have to shoulder the remaining dept of Japan e.g. 8 trillion towards the other creditors and take on the missing 5 trillion into their own already existing national debt.
As such taking over another country especially in today's financial world - with a negative GDP/debt ratio, not to mention via a war is financially speaking - economic suicide
Which is the reason why the CPC since it's political doctrinal change in 1981 - has never gone to war or is trying to take over other countries.
Therefore in order for e.g. China to profit additionally - they will try to influence the economy and political stability of others - via credits towards investments that are deemed to be secure for China and promising for the others economic development.
Take Indonesia as an example; horrendous inflation, totally worthless currency in regards to the international currency exchange, but a huge potential in human and natural resources - most likely in theory, the world richest country.
So China would grant them e.g. a US$5 trillion credit in Yuan/Indo rupiah present ratio(Indonesia's GDP is around US$1 trillion - around 16,000 thousand trillion rupiah) with no interest rate. Indonesia would therefore receive around 80,000 thousand trillion Rupiah. Due to the then existing GDP national dept ratio 500%, the Indonesian currency would certainly drop even further in a first reaction.
Due to a stabilizing economic impact towards the Indonesian economy - invested into promising economic/social developments - and guaranteed via an Indonesian government (that must be clearly influenced if not to say controlled by China) the Indonesian economy starts to pick up rapidly and thus resulting into a rapidly growing GDP - it's own currency will steadily - even abruptly at times increase in value at the international currency exchange market.
So hypothetically speaking 10 years later - Indonesia would have served it's loan to China for ten years - e.g. payed back US$ 1 billion = 16 billion rupiah. Meaning they would still need to pay back another 64,000 thousand trillion rupiah.
But due to Indonesia s super economic performance the rupiah/Yuan ratio has shifted also considerably in Indonesia's favor - towards an exchange rate it held in e.g. 1996. Therefore Indonesia's remaining debt of it's original remaining 64.000 thousand trillion rupiah's would in e.g. 2035 be "just" 15,000 thousand trillion rupiah. Their estimated GDP in 2035 could be around US$ 4 trillion, compared to US$ 1 trillion in 2022, equaling a new currency based Rupiah sum of around 16,000 thousand trillion rupiah
Meaning their factual GDP increase based on a US$/Yuan exchange rate would be 4 times higher then in 2022, Their GDP based on the term rupiah (not the value) would be the same as in 2022.
Hypothetically speaking Indonesia's GDP would have risen by 400% - whilst it's initial GDP/dept ratio upon receiving the loan from China would be reduced from 500% to 100%
Since the USA is doing it's best to prevent China from "influencing" - "controlling" other countries such as e.g. Indonesia - nothing much will change aside from a possible smaller positive effect and existing smaller positive effects since 2000 in e.g. Asia, due to smaller credits from China.
No matter what currency is chosen as a world currency (dictating currency exchange ratios) - the overall economic situation on our planet won't really change significantly.
Even a new world currency based e.g. on natural resources, human resources and amount of goods traded/circulating, won't be able to change the actual cause of the world economic/social situation (yes it might initially get rid of national debts which will however reoccur immediately due to the prevailing economic/social mindset) - if the politics in all our worlds countries are not substantially altered - off with corruption and a pure capitalistic mindset that only profits the rich and super rich - nothing will change - and that is exactly what the world elites in the respective counties want. Keep the system it as it is, and as such get more rich.
AFAIK the only country in the world that is not just trying to change that, but is doing it, is only China - for it's own sake. (it's termed a more equal social responsible distribution of a countries common wealth towards it's population) without resorting to communism or defying the needed mechanisms of capitalism.
India is trying to get it in line, making adaptions towards the Chinese system - but it's political structure probably won't allow for it to be successful.
So either keep drumming onto the democracy and freedom drum and live with (accept) it's economic/social side effects - or an autocratic system is needed to impose these needed changes - that might (in 50-100 years time) lead to a very democratic society in China that will then however not be in the claws or at the mercy of capitalist/political elites.
Okay - let's get back to the jet-fighter issue in Ukraine.