1. Whether it is debt or not makes no difference so long as someone else will take it. You imply that Apple having cash means customers owe Apple something. I say that Apple having cash just means Apple could have something else in the place of cash in the future if someone chooses to take Apple's cash for it.

2. I disagree. An autocratic government is fully capable of issuing fiat currency, and a the government being obliged to provide resources in return for its currency is a concept orthogonal to democracy. It doesn't matter whose "debt" cash stems from. All that matters is that it can be traded easily.

Also, I updated my comment to point out more clearly where I disagree with your conclusions. (Apologies for such a late response. I hit HN's rate limit.)