In addition to what others have said, we have no shortage of economic collapses throughout history as a result of nations and banks becoming unable to pay their

In addition to what others have said, we have no shortage of economic collapses throughout history as a result of nations and banks becoming unable to pay their debts and/or basic necessities becoming unaffordable to citizens, we just record them as defaults and bank runs, complete collapses of the entire nations and mass famines (and wars and pogroms to try to make up gold shortfalls) rather than neat little time series of goods prices (which nobody collected in earnest until the late nineteenth century)