Why would you think that price manipulation would work if at all beyond the short-run ? It NEVER does. See, Soros vs. Bank of England, 1992.
And no where is it more fleeting than in the currency markets, where $7 trillion trades daily. You think you can hold back that tide ? Good luck with that.
I think, WC, you continue to have a single-minded focus on debt and assume that more debt in the aggegate is bad without looking at the underlining debt fundamentals and more importantly THE DYNAMICS of multiple countries with large debt levels. It doesn't mean they ALL collapse, if any.
As an example, the United States -- as the global reserve currency -- is required to run a trade deficit in goods and services (the flip side of a capital account surplus in financial assets)....trade deficits for many countries are lethal but for the U.S. it not only is NOT lethal it is an economic necessity for the U.S. in the global economy.