Debt is a promise of repayment with future work and energies.That is only the case if the debt in question is denominated in a liability you do not have monopoly control over.
When you go to the Bank of England with your £20 note and ask them to fulfil the promise on the front of it, you will get another £20 note. That is not future work and energies. That is an accounting journal.
Some debt is real debt. The rest is just an accounting liability.
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Or in the words of Willem Buiter,
"These monetary (base money) ‘liabilities’ of the central bank are not in any meaningful sense liabilities, because they are irredeemable..."
http://blogs.ft.com/maverecon/2008/03/wanted-tough-love-from-the-central-bank/
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