"But the Spanish state expanded so much that it required higher taxes, which in turn led to inflation. The defeat of the Armada around the British Isles was not the cause of this decline, but a symptom."
Prinz Michael von Liechtenstein (see link for entire article)
https://www.gisreportsonline.com/the-demise-of-liberal-democracy,3499,c.html
Good comparison!
Thus the assessment of the economically declining country, United States (my country unfortunately). It will be someday inaccurately written by many how the American Empire fell per a singular event or condition; pandemic, racial divide, political corruption, governmental tyranny, market crash(es) per speculation (i.e. market gone wild), street violence, rioting, war(s) and more. Any of these Armada-esque events or conditions are quite detrimental, harmful yet categorically, simply symptomatic of routine monetarism therefore inflationism so to enable government's various forms of expansionism. As Ludwig von Mises (1881-1973) rightly critiqued...
"Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism."
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