Rome and the Ottoman empires lost their glow due to debt. Is this similar to the US situation with $37 trillion public debt (due to deficit spending mostly due to wars and war machinery)
The Ottoan empire problem started when they borrowed for their war effort vs Russia. They were screwed by terms favorable to the lenders: high interest rate, short repayment terms etc. Which were not matched by tax collection and revenues.
When they defaulted the European demanded a say in tax measures and collection. There was capitulation. There was economic capitulation.
Could this similar to Philippine situation where the debt of the country has been steadily rising since January of 2025 due to financing of plunder by top govt official
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