Of Fiscal Deficits and the Waning of Wealth
Lo, hearken unto these words, ye men of wisdom, that ye may ken the perils that beset a realm which spendeth beyond its means. For as the spendthrift wasteth his gold with nary a thought for the morrow, so too doth the kingdom that maketh a habit of borrowing, yet payeth not its debts in full. In sooth, such folly doth bring woe unto the land, making the people poorer and their silver of lesser worth.
First, when a king and his council do year upon year disburse more than what is gathered in tax and tribute, they must needs seek coin from lenders far and near. Yea, such borrowing doth swell the burden of debt, and with each passing year, more of the king’s treasury must be given to service that which is owed. In time, the coffers grow lean, and the realm doth teeter upon the precipice of ruin.
Verily, as debts mount, trust in the king’s money doth wane. The merchants, once eager to trade, now see that the realm’s coin is made lesser by the ceaseless minting of new money to sate the hunger of the deficit. Thus, the price of goods doth rise, and the common man findeth that his wages buy him but little bread. And lo, the silver, once strong and true, doth dwindle in worth as a river doth shrink in a time of drought.
Moreover, the lenders, seeing the king’s folly, do demand dearer terms for each loan, for they know the risk is great. Yea, higher interest must be paid, and thus the treasury is further strained, leading to yet more debt and wretched plight.
In the fullness of time, should this course not be corrected, the very people of the realm shall feel the scourge of their lords’ wanton spending. No longer shall wealth grow as it once did, for the workers toil more yet gain less. Industry withers, and the traders seek foreign shores where coin is yet sound and the burden of tax is light.
Thus, let it be known that the road of ceaseless deficit leadeth only to sorrow. If the kingdom is to flourish, it must balance its books, lest the people suffer and the land fall into despair. For though the king’s purse may be filled by craft of borrowing, in the end, it is the people who pay the price, bearing the weight of folly in their daily toil and meager fare.
Take heed, therefore, and let wisdom prevail, that prosperity may endure and that the silver of the realm be not turned to dust in the hands of its sons and daughters.