World economic "reset"?

[electronjohn]

I was talking with a friend the other day who was expounding on a book he had recently read. The economist (whose name I can't recall) contended that the world as a whole is so far in debt that there's essentially no hope. His contention was that there is no "collateral' to back up the world's debt and that we're eventually going to see a world economic "reset".

Does this mean my mortgage payment will go from $455 to $45.50 or what?