[ggm]

underwriting happens. sometimes its banks. sometimes its the (state) bank.

if there was a time the ruling classes would argue for lies in the national interest, its war time.

I cannot imagine a government embarking on war who would say "well.. we asked you to fund it, but alas, the city said we're losing so the bond wasn't there and we've decided to cancel the war"

[kneebonian]

"Economics never stopped a war in progress" - Helmuth VonMoltke

[adastra22]

Isn’t it economics that stopped WW1 though?

[csours]

Depends on where you draw the lines. Exhaustion of resources stopped WW1. Those resources include money, material, and men.

[hgomersall]

I think that's the point - it was just materials and men, not so much money.