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Apollo: For every five dollars the government receives in tax revenue, one dollar is spent on servicing the national debt, see chart.
Are there financial determinants of great-power decline and fall? This paper proposes “Ferguson’s Law,” which states that any great power that spends more on debt servicing than on defense risks ceasing to be a great power.
States have endeavoured, in some instances, by pawning their credit, instead of employing their capital, to disguise the hazards they ran. They have found, in the loans they raised,…