[danmaz74]

As it happens, I read quite a bit about Schacht and Nazi Germany. They spent around 15% of GDP in the army in the years before the war. And they created an enormous external debt for that, because they needed lots of raw materials they didn't have internally (oil, rubber and many others).

In the USA, military spending is just a little above 3%.

Japan's economy stopped growing years ago. Their debt is mostly internal. They pay for what they import.

If you need resources from foreign countries and can't pay for them, printing your own currency can only help for some time.