Historically, warring kings just took the money. Our ancestors used hard money. This didn't keep them from being brutal. Pretending hard money saps authoritarians of power or war-making ability is a good pitch, but it's hollow.
The historical record is littered with banking panics from over-leveraged crowns. The crown didn’t go bankrupt. They just busted their bankers. (If the king asks for a loan, you give it.)
> the fail of Spain and subsequent rise of the Dutch
Spain lost the Netherlands due to internecine warfare [1].
[1] https://en.m.wikipedia.org/wiki/War_of_the_Spanish_Successio...
Also Spain didn’t exactly steal money from their nobles (generally tax burden in the Netherlands was considerably higher than in most other places) they just flooded Europe with silver from the Americas which over time resulted in massive inflation.