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Gundlach: When Empires Collapse

9.0K views· 286 likes· 2:07· Mar 5, 2026

Jeffrey Gundlach explains “Ferguson’s Law” — the historical pattern that great powers decline when interest payments exceed defense spending. From the Spanish Empire to Bourbon France and the Ottomans, he walks through what happened when debt service consumed national revenue — and where the U.S. stands today.

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