This is why I tend to agree with the ancaps who tend monarchist. Better incentive alignment.
Once you’ve got democracy it’s just a matter of time til people work out they can loot the treasury for votes. 
#Bitcoin makes it profitable for bad people to do good things.
It's all about incentive structure. https://video.nostr.build/6d9c2c6959e196d97b4c09054d3237b866158df887b96828a74f2f45c0fd771d.mp4
Discussion
I think it's the other way around.
It can only exist until the parties discover they can buy themselves votes from the public treasury.
That's definitely how Trudeau got re-elected (also corruption of the Canadian media).
In either scenario, fiat was still the route cause. The deficits would be impossible to finance otherwise and distorted the incentive structure.