Printing money only devalues the money if you print too much. It's key to print the right amount, lest inflation kick in.
Here's an hour and forty minute long documentary on the topic, and yes it does include the figures. It's very in-depth and detailed regarding these issues.
The banking families of the world have convinced Europe and America to borrow money from them instead of printing it, but this deceitful coup is not necessary to the functioning of our countries. In fact, the borrowing of money in this fashion didn't exist in the US until the creation of the "Federal" Reserve in 1917. BTW, the "Federal" Reserve is a group of private bankers, and is about as "Federal" as Federal Express -- in other words, it ain't part of the government, despite its pretention to be a part of the government.
And, no, it wouldn't involve cancelling debt. In order to fix this and begin printing money for free again, we would first need to pay off existing debt. Once that debt was incurred, it became a legal obligation. I'm just saying there's no need to incur such debt, and we shouldn't keep doing it.