Chronic fiscal deficits, unstable legal frameworks, and recurring monetary expansion are not exceptional responses to extraordinary crises, they are structural features of the political order itself. As a result, the familiar cycle of artificial boom, malinvestment, and correction never fully resolves; it merely reshapes itself, extending its distortions across time.

This persistent imbalance affects not only prices and production, but also the behavior of savers, investors, and families attempting to preserve the value of their accumulated work.

Debt Without Credibility

In such economies, government debt no longer functions as a bridge between present needs and future productivity. It becomes a political instrument, rolled over indefinitely, and increasingly detached from any realistic capacity for repayment through growth.