Debt is a way to transfer future claims for goods and services to the present. More debt now, less ability to claim goods and services in the future for those paying it back. In this case, the borrower, the government, and the payers, the taxpayers are not the same.
War profiteers, big banks, stock traders and all those whom you have named benefit.
Yes, it's a transfer scheme. That's why they try so hard to convince us that Social Security is broke, so they can just grab the surplus themselves.
If the stock market crashes, it is a garage sale for those with large cash. This is why the market is down over the last decade, but Warren Buffett and others have only gotten richer. John D. Rockefeller went into the Depression a multimillionaire and came out the first billionaire.
So yes, that's what is happening elsewhere. The cure is default, created by mass refusal of the population to go along, ala Iceland.