In the novel, Micawber abandoned his principle, pawned or sold family assets to finance a “better lifestyle” and ended up in a Victorian prison for debtors with no prospect of ever being able to pay the compounded interest.

In modern times governments rarely imprison debtors having accepted that, with the 20th century phenomenon of instant credit being given by way of credit cards and other financial instruments, personal indebtedness has become a way of life.

However, the probability of death resulting in a residual estate of negative value because of debt diminishes progressively with ageing. Mortgages are finally repaid and the fortunate few find that inflation has resulted in their becoming property millionaires.

With National Debt, the Micawber Principle used to oblige governments to balance their budgets positively so that the burden of austerity on ageing generations would be lessened. Nowadays, modern monetary theory, created by Keynes, has reversed this so that governments are persuaded to spend more than they receive in the belief that short term stimulation will result in increased asset value to fund repayment. In fact, it often results in further borrowing to pay compounded debt.

Where nations such as the U.S.A., Japan and the U.K. have monetary sovereignty and thus print their own currency, it is virtually impossible to enter bankruptcy because the increased number of currency units in circulation maximises GDP and consequent tax revenue. The latest calculation of US debt is in excess of US$39 trillion. As the total population is now 349 million the gross per capita debt stands at US$115.000 but this statistic, much loved by the media, is pointless because the government has no intention of repaying capital values!

Of the gross total, US$7.5 trillion can be attributed to government departments, e.g. Social Security, lending to each other at privileged rates of interest.

Foreign governments led by Japan, China and Canada and overseas investors such as pension funds account for US$12 trillion and receive interest through US Treasury bonds which are re-issued at maturity so that a cyclical system of investment in the world´s premier reserve currency is established.

The remaining US$20 trillion is owed to a vast array of domestic holders. Some are huge (e.g. religious trusts and mutual funds) while others are individuals who often use off-shore registrations to reduce tax and regulation. However, it should be noted that crypto currencies have so far been excluded from these calculations which are made exclusively in U.S. dollars.

The Portuguese public debt is currently assessed at €285 billion which represents about 95% of GDP and is thought by economists to be a healthy ratio when compared to the 130% of thirty years ago when the economy was in dire straits and almost throttled by high interest rates.

Unlike the USA, very little of Portugal´s debt is owed to government entities. The European Central Bank through its several support and resilience funds has a substantial holding of Portuguese bonds and its example is followed by other central and commercial banks of the EU. These and national pension / insurance funds plus individual domestic investors trade in government securities though the treasury agency of IGCP.

There is little interest among American commercial banks in the acquisition of Portuguese bonds. Instead, they prefer to finance private equity and cyber-corporations in their predatory purchase of European assets. Such activity enjoys incentives such as tax breaks, investment allowances and various exemptions offered by municipalities to property taxes and planning processes.

If these investors follow through with the construction of new assets or make improvements to those existing, both employment and taxable profits should increase. The economy benefits, GDP increases and National debt remains stable. However, if Portuguese largesse is not respected so that profits and benefits are transferred to jurisdictions based outside of the EU, the economy will suffer and Debt will increase to cover governmental spending.

The current enthusiasm for expanding the cyber-economy and controversial focus on the building of data centres is the best example of this. Multinational companies promise to import literally billions of dollars to carry out complex developments which promise to provide well-paid but temporary jobs in the construction industry. On completion, limited employment is offered to skilled technicians many of whom are non-EU citizens. Local services for housing, schools, hospitals and shopping require municipal infrastructure and demand for electricity soars.

All of this will require government spending which will be financed in part by receipts from IRS and IVA . However, eventual profits from data storage and AI services will most likely be channelled to the multinational´s many subsidiaries located in multiple jurisdictions. Payment for a complex variety of schemes for licensing and royalties is often made in secretive crypto currencies. The reduced fiscal benefit to Portugal (and the EU) will outweigh the accumulated public cost and pressure the need to be compensated by increased government borrowing.

A worse example is that of the “buy-out industry” whereby private equity works through adept Portuguese property brokers to persuade municipalities and other landlords to sell at wholesale prices swathes of pubic housing occupied by low-income communities. After eviction, apartments are gutted for transformation to larger, modern units which are much in demand by a growing middle class. Payment for each transaction is often split so that part is receivable outside of Portuguese financial jurisdiction.

The Irish economy is a prime example of fiscal conquest by these forms of venture capitalism.

After the “glorious victory” of Waterloo, Wellington invited his esteemed ally, the stalwart Prussian General Blücher, to join the celebrations in London. Upon seeing the splendours of Imperial wealth which made London the richest capital city in Europe, Blucher made the pithy observation: “What a splendid city to plunder”. Déjà vu ?