Debt Has Always Been the Ruin of Great Powers. Is the U.S. Next? #GotBitcoin #BitcoinFixesThis
From Habsburg Spain to Trump’s America, there’s no escaping the consequences of spending more on interest payments than on defense.
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Meanwhile:
What I call Ferguson’s Law states that any great power that spends more on debt service than on defense risks ceasing to be a great power.
The insight is not mine but originates with the Scottish political theorist Adam Ferguson, whose “Essay on the History of Civil Society” (1767) brilliantly identified the perils of excessive public debt.
Empires Crippled By Debt
In the 16th century, the Habsburg kings of Castile reigned over the first truly global empire. Revenues from American silver mines were crucial to financing Spain’s expansive military endeavors. Charles V and Philip II also enjoyed substantial tax revenues from their Castilian subjects.
Perhaps the most familiar case of a great power succumbing to fiscal constraints is that of Bourbon France in its contest with Hanoverian Britain in the late 18th century. Of all the great powers, France had the greatest difficulty in evolving a stable system of public debt management.
As Philip IV told the Council of the Indies even earlier, in 1639, “I recognize that the introduction of the juros has caused the enormous ruin we experience.”
Perhaps the most familiar case of a great power succumbing to fiscal constraints is that of Bourbon France in its contest with Hanoverian Britain in the late 18th century. Of all the great powers, France had the greatest difficulty in evolving a stable system of public debt management.
The history of the 19th century furnishes further examples: the Ottoman Empire, Austria-Hungary, Tsarist Russia. But the best example of all—and the one from which Americans have the most to learn—is that of Great Britain.
Remainder of The Article: The National Debt Has Grown To $36.5 Trillion!! : https://dpl-surveillance-equipment.com/bitcoin-and-crypto-currency/the-national-debt-has-grown-to-36-5-trillion-gotbitcoin/ 
