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You forgot (c), wars financed with borrowed money. These have happened in conditions regardless of currency configuration (fiat, pegged, silver, gold, bimetallic, whatever).


True, but nobody will loan money to a country that is not fiscally responsible (i.e., able to pay it back). A country that must be fiscally responsible to finance its wars will not semi-permanently invade multiple foreign countries.

The US gets out of this by being able to do quantitative easing.


Someone will always lend you money if you have the power to tax.




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