And it would not matter if it's a fiat currency or gold-backed currency
It would make a difference. If it were backed by gold, you could redeem it for the gold value, dump it in the sea, and then live on the continent made out of gold that you'd just built...
Everyone has the power to create debt. Money is just readily transferable debt, which is the entire point of it: I do some work now for someone, and they don't produce anything that I need right now, then they give me some tokens representing the debt. I can use these tokens to exchange for some useful product or service from someone else who doesn't directly want anything that I produce.
Saying that money is backed by debt is a nice libertarian talking point, but it doesn't actually convey any information. Money exists so that you can balance unequal trades with a promise that they will be equalised in the future, and any promise of future balance is debt.
There's an old stock market scam. You open 100 accounts. You invest randomly. After a week, roughly half will be turning a profit. You close the ones that aren't, and do another round of random investing. Again, roughly half make a loss, half a profit. After a few rounds of this, you have lost quite a lot of money, but you have one account that looks really stellar - huge returns on investment. You then open this up to investment, with the disclaimer that past performance does not guarantee future results, and wait for the money to roll in (you can then invest this in your own companies, or just take it and run away).
Much the same applies with CEOs. You take a few thousand business graduates each year and put them in management positions. They all make random decisions. Then you cherry pick the handful that have made decisions that turned out well. Then you say 'Superstar CEO, please pay enormous salary'.
I judge a religion as being good or bad based on whether its adherents become better people as a result of practicing it. - Joe Mullally, computer salesman