I don't think those $150 trillion are money that has been created already as Chris Cook claims in the diary you linked to a couple of posts upthread.

If I bet you $1M on some rare outcome and then I can't pay up, the $1M never existed, you never added it to your balance sheet except at "fair value" which might have been something like $1k, so if it goes away the only outcome is that I go belly up and you get to fight it out with the other creditors, but you don't go belly up (most likely).

So I am a little puzzled by the whole thing.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith