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In the case of a private person or corporation which borrows money, the obligations can be enforced by law, but in the case of a government the ultimate sanction is the military power of other governments. This sanction may fail, as in Russia after the Revolution ; when it fails, the borrower simply acquires the property of the lender. For example, it is the Soviet Government, not the pre-war shareholders, that has power to decide who shall have access to the Lena goldfields
Source: Bertrand Russell : Power, a new social analysis, 1938
More info.: https://russell-j.com/beginner/POWER08_030.HTM