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Updated: May 29, 2025
A civilization which ran a chronic deficit over-spending its income moved year by year, through debt, inflation, currency degradation, and repudiation toward its own disintegration and ultimate bankruptcy. The historical record is very clear on this point, especially in Roman civilization and in western civilization after 1870.
I promise I will. But I can't pay much else, you know, Mrs. Baker. So when people come to dun me, tell them I've gone no one knows where. I'm awfully sorry about it, but I've simply no money left." His smile, as always, softened her, and she nodded. "I'll deal with 'em, sir ... I knew you was over-spending yourself, as it were; I could have told you, but I didn't like.
Bankers enter the picture, providing capital and collecting interest on their loans. Where credit is abundant and relatively cheap, borrowers spend beyond their incomes, hoping to pay later when the loan falls due. Borrowing and over-spending are among human frailties. They are also forms of risk-taking or gambling.
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