Emperor Huizong of the Sung Dynasty committed all the mistakes we are now. He spent and spent and spent until the treasury was bankrupt and he had to literally print more money.
An even more current example is the Bourbons of France. Louis XIV built Versailles, drew all the nobility there so he could keep his eye on them, and engaged in pointless wars designed to enhance his glory. Louis XV plundered the treasury and also engaged in costly wars. He, Louis XV, recognized the situation for what he was and is said to have famously announced, Après moi, le déluge.
His grandson, Louis XVI, was the one overwhelmed by the deluge. Unable to straighten out the financial mess his predecessors created he had to call on the Estates General for help. They met. That led to the Revolution and the guillotine.
Our own financial affairs are headed in the same direction. Like the Louis we cannot afford to keep spending, spending, spending, borrowing, borrowing, borrowing, printing, printing, printing. We keep it up, it will not end well. It may already be too late.