Much hay seems to be made by people saying debt came first, and then money came later, therefore we can have some sort of debt/money, or that it can be equivalent.
Debt is essentially a contract.
Money is an asset.
Modern money is fiat money. The monies that were once backed by gold are now backed by nothing except the edict of the nations that put the money out there. This will fail, and the debt structure that has been built up on this falsehood isn't going to help. Debt as money would blow up in our faces even faster, because it would be less real than our current insanity. What we need more than ever is the ability to verify assets exist before we engage in a transaction- this is achievable when your money is an asset (gold in a warehouse, for instance). It is not achievable under the current regime, largely because they want to keep pretending the debt currently on the books (like mortgage-backed assets) are worth something more than they likely are. Debt as money would lead us further down the path of instability.