States are no more "immortal" than corporations. Plenty of states have either ceased to exist or repudiated their debts, leaving their creditors without recours

States are no more "immortal" than corporations. Plenty of states have either ceased to exist or repudiated their debts, leaving their creditors without recourse. If a state allows its debt to keep compounding, eventually it will find itself spending every cent of taxes it's capable of raising just to service the interest on that debt—and if anything should happen to shake creditors' confidence in its ability and/or willingness to repay those loans then the government becomes unable to borrow new money to repay its old debts and the entire Ponzi scheme collapses in on itself. Oh, and issuing new currency to repay the loans is functionally equivalent to defaulting on the debt. Creditors will not lend to you if they expect that you may attempt to pay them back with money which is worth significantly less than what you originally borrowed. A smart creditor will just index the payments to something you can't easily manipulate.