Hey, the Spaniards fought the Ottomans and the French incessantly for quite a while using the silver from the Americas. ;) Also the Spanish defaulted on loans

Hey, the Spaniards fought the Ottomans and the French incessantly for quite a while using the silver from the Americas. ;) Also the Spanish defaulted on loans a few times during this period. So yeah, they kinda spent all their money on stuff that did more harm in the long run.