Rome is the Empire of antiquity that debased itself and fell ruin to, well itself. This simplistic but the decline of the Roman financial system is well documented, and fascinating. We are facing this same situation but on a global scale.
The article linked explores the debt to GDP as a ratio and has some alarming results. The top 10 countries are the most industrialized and sophisticated and it would appear would have no ability to ever meet its obligations. (assuming economic theory is correct and that you could not just print money indefinitely). In Japan the ratio is %250 and GDP is $10 trillion which is being serviced at 1.1% which requires 20% of tax revenue to maintain. If rates are pushed to 5% which is likely, and historically normal than all tax revenue will go to service the coupon. Even if, by some magic we can continue pretending we can print our way out of this and we make it to 2041 Japan will still, at that point be taking all of their tax revenue to service the debt. Now look at Europe, Canada and the US. Those are staggering numbers well over 450%. We have been borrowing for decades. We get to live like this because some one else has a smarter, long term plan. The West has been borrowing mainly from the Chinese and not building factories, infrastructure but rather outsourcing all of it, oddly enough back to the Chinese while selling its own population to be consumers, selling them on concepts, abstractions and mainly buying toys. The globalist plan seems to be to run the show from the West and use the rest of the world as a playground and/or factory. The people were massively inundated with marketing, propaganda and advertising to not save, or invest for themselves but to just live for the moment, spend wildly and enjoy the day. Instead of buying shares, creating wealth people bought phones and cars that they do not need. This leads to obvious failure unless you can dramatically increase one of the inputs.