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The Debt Spiral: How Empires Unravel and Democracy Fails
National debt is more than just a fiscal metric; it is a fuse that leads to social and political collapse. When printing money no longer fixes the problem, the resulting inflation drives a wedge between social classes and triggers wealth flight. This vacuum of order creates the perfect conditions for populist leaders to dismantle democratic norms in the name of stability.
Feb 10, 2026