Even if a nation state funds an offensive war with bonds, the bond investors expect that gov to print to honour coupons and redemption if necessary. So the ability to print to finanice the public sector, whether used or not, could be argued to exacerbate war.

There’s a lot to take in in this section.

From: Thailand: Southeast Asia's 'weed wonderland': https://www.bbc.co.uk/news/world-asia-65345274