> autocracies fund their operations with inflation

There is limited evidence for connecting countries' foreign debt levels to their degree of democratization [1].

More pointedly, there is ample evidence--millenia of it!--for empires on commodity money waging war and whatnot and having a fine time of it.

> deficit spending funded with inflation is not really what people have voted for

Deficit spending / bond issuance is voted on at multiple levels of government practically every cycle. People have voted for this. Because the alternative is austerity, and fanatical governments that pursue that for its own sake tend to get replaced.

[1] https://d1wqtxts1xzle7.cloudfront.net/68966375/bf00224681202...