As any long-time reader of this column knows, we routinely draw from historical lessons to highlight that this time is not different. (Story by Simon Black, republished from SovereignMan.com)

Throughout the 18th century, for example, France was the greatest superpower in Europe, if not the world.

But they became complacent, believing that they had some sort of 'divine right' to reign supreme, and that they could be as fiscally irresponsible as they liked.