The Last Empire That Drowned in Debt

In fiscal year 2026, America paid about $1.1 trillion just in interest on its debt, more than it spends on its military. The national debt passed $40 trillion, and in September the 30-year Treasury yield hit its highest level since 2002. Empires don't fall on the day they owe too much. They fall on the day their lenders say no. This is the story of that moment, told four times: Philip II of Spain, the richest king on Earth, who defaulted four times and kept borrowing; France in 1788, where interest ate half of the crown's revenue and opened the door to revolution; Britain after Napoleon, with debt at 260% of its economy, which paid every penny; Alexander Hamilton's 'national blessing'; and Liz Truss, the prime minister the bond market removed in 44 days. 00:00 Introduction: $1.1 Trillion in Interest 00:43 The Borrower from Hell: Philip II of Spain 03:32 Half of Everything: France, 1788 05:41 The Empire That Paid: Britain after Napoleon 07:50 A National Blessing: Hamilton, 1790 09:43 Forty-Four Days: Liz Truss and the Bond Market 11:34 Forty Trillion: America in 2026 Is America more like Britain in 1819, or France in 1788? Tell me in the comments. #nationaldebt #financialhistory #economy Music: Eyes In The Void — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au Decoherence — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au Never Dying — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au Signal to Noise — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au Catalyst — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au Ambush — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au "Dust" — Noisesurfer (CC0 1.0) https://archive.org/details/gt577Nois... Nightfall — Scott Buckley (CC BY 4.0) www.scottbuckley.com.au