So who borrows from who?.....And who is in debt to who?
victor, I didn't understand you were seeking a material answer, I thought you were looking for an abstract response. You can get your information easily on the internet.
Here's what I found regarding who owns, specifically, the US debt, when I looked it up :
Foreign governments own about 23% of the US debt, mostly China and Japan. The rest is owned by domestic entities and individuals. The individuals, by and large, through US bonds and pensions. The institutional debt holders include the Federal Reserve, the Social Security fund, state and local governments, pension funds, insurance companies, banks and mutual funds.
https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124
The borrowers, by your construction of the question, are National governments.
Does this help ?
P.S. Incidentally, an interesting, related tidbit : The US does not own most of our US National Parks. China holds the titles as collateral for their loans to US.
P.P.S. The US paid $376 billion right off the top (7.8% of our budget), before paying for any governmental services, in 2020, for interest on our enormous debt.
https://www.thebalance.com/interest-on-the-national-debt-4119024 That amount will only grow as the years go by, especially due to the tax cuts during the Trump administration and the trillions spent on COVID economic relief.