Liquidity Cage: Why Do Countries Pay Down Debts?

This article analyzes the mechanism of the "liquidity cage" described by Jerome Roos, explaining why contemporary states prioritize debt repayment over the well-being of their citizens. The author debunks the myth of the naturalness of debt repayment, pointing to the structural power of the financial sector, which compels obedience through control over liquidity. The work cites historical examples of moratoriums and contrasts them with today's architecture of financial coercion, in which state sovereignty is constrained by creditor interests. This is a critical look at financialization and technocratic crisis management, which privatizes profits and socializes losses in the name of loyalty to markets.