The_Big_K
If every nation prints their own money - there would be no reason for any country to be in debt!
Absolutely!! But, a nation simply cannot do that, unless it wants to remove itself from the global economy and become a closed shell.
For a nation to print currency and let it in circulation, it must have the corresponding amount of wealth. Simply put, if a nation prints new currency worth X, then it must add gold or Forex or some other form of wealth, equal to the same amount X, for maintaining the balance of economy in the country. If not, it'll be disastrous.. If a country simply prints as much currency as it needs and lets it in circulation, the first thing to happen will be, the international value of the currency will come down. Inside the nation, inflation will sky rocket.
The best example for this situation is Zimbabwe. There are currency notes of denomination, believe me, 100 billion Zimbabwean dollars.
If you Google the exchange rates of 1 USD against 1 Zimbabwean dollar, you'll understand.
So, unless a nation wants to isolate itself, it can't print currency without having necessary value to sustain it.
You can go through these links to get an idea of how money works, in general..
<a href="https://en.wikipedia.org/wiki/Gold_standard" target="_blank" rel="nofollow noopener noreferrer">Gold Standard</a>
<a href="https://en.wikipedia.org/wiki/Bretton_Woods_system" target="_blank" rel="nofollow noopener noreferrer">Bretton Woods System</a>
<a href="https://en.wikipedia.org/wiki/Gold_reserve" target="_blank" rel="nofollow noopener noreferrer">Gold Reserve</a>