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A worldly example might help.
Suppose that when you earn money or spend money, you use US dollars. Suppose you anticipate that a particular currency (different from the US dollar) will collapse relative to the US dollar within the next few years. You were planning to go into debt anyway, such as to go to school. A bank lends you money in the currency that you anticipate will collapse, and you enter into a legal contract to pay back the money (plus interest) in the same currency. Then you use what you borrowed to buy US dollars.
Now, at any given time, somebody might say that you owe so many US dollars. That could be an estimate based on recent currency exchange rates. The reality is that you owe a specified number of units of a currency that is not US dollars.
Suppose that when you earn money or spend money, you use US dollars. Suppose you anticipate that a particular currency (different from the US dollar) will collapse relative to the US dollar within the next few years. You were planning to go into debt anyway, such as to go to school. A bank lends you money in the currency that you anticipate will collapse, and you enter into a legal contract to pay back the money (plus interest) in the same currency. Then you use what you borrowed to buy US dollars.
Now, at any given time, somebody might say that you owe so many US dollars. That could be an estimate based on recent currency exchange rates. The reality is that you owe a specified number of units of a currency that is not US dollars.