Gonzalo Lira argues that democracies inevitably destroy themselves with debt. In light of which, we must ask ourselves: why do we want democracy?. Why do we want to impose un-payable debt on our children and grandchildren by imposing a regime that is by its very nature flawed and ripe for corruption? This is for those people who blindly follow the West's lead to democracy without considering all the consequences.
"I have the argument that explains why fiscal deficits happen. Moreover, I can explain why fiscal deficits occur in a democracy in a manner which is different from any other sort of regime. My theory can explain why fiscal debts in a democracy grow once they start, and I can explain why this growth in debt inevitably, inexorably leads to the bankruptcy of the democratic regime.
In fact, I did my civic duty: I listened to all the arguments, and I voted for all the bills. I think we should cut taxes—so when it came to a vote, I voted in favor of the Lower Taxes Bill, which passed. But I also want more government services—so when it came to a vote, I voted in favor of Mary’s More Government Service Bill, which also passed.
This is the democratic fiscal incoherence, a situation unique to democracies.
"We can regress to smaller and smaller groups—from oligarchy, to technocracy, to committee, to triumvirate—but the Bankruptcy Paradox will always happen, unless there is a single man who decides the issue of fiscal policy—and that man’s name is Dictator." -- Author (emphasis mine)
Well, not necessarily "dictator". A khalifah is not a dictator even though he is the sole decision maker in a Khilafah. He is accountable to the public for his actions. The decision making right is his alone, which resolves the paradox, but he is still answerable in the Dar-al-Mazalim.
The article is a bit involved as it goes into logic and philosophy, but it is definitely worth a read. It is as relevant to Pakistan as to the US for which it was written.
Read more here