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This phenomena ruined so many African nations. A dictator comes in, defleeces the economy and disappears. Leaving the country open to leveraged loans, and world banks.
A real country with a real sovereign currency shouldn’t need to borrow to print it’s own currency. That’s only done so they don’t have to seek political agreements to appropriate the money.
Easier to have the executive order the treasury to take on more loans than ask the Democrats in Congress to authorize a spending and appropriations bill.
Conservatives used to crow about how they’re the “party of fiscal responsibility” whilst simultaneously blowing up the deficit on completely unhinged endeavors every time they got into power.
They still do, but they used to, too.
