Sure it does. You got ground level which is trust, above that central bank, above that fiat currency, above that companies/people, and above that banks.
You orders machine from my employer. You put some down and the rest you pay on delivery. To buy the raw materials from middlemen, we put some money down and pay the rest on delivery (or use a po but that is complicated way of nearly the same thing), the middlemen put some money down and pay the rest on delivery, and the employer of them hasnt been paid enough yet so is borrowing some from the bank and is depending on two week payperiods. The employees are renting and owe money at the end of the month to a landlord who is still paying off a mortgage to a bank, who is using deposits that can be summoned at all times…
The same x amount of money is multiplied. This x amount of money becomes y*x amount of debt. It is all abstractions on abstractions with no bottom. Since even if you say trust is the bottom it is really just trust that the top of this process will continue to work.