آیا سقوط FTX یک نسخه سریعتر از سقوط ارز فیات است؟

Here is analysis that makes that case that collapse of the FTX exchange and the FTT token ponzi is a faster version of what will happen to the japanese Yen and the UK Pound.

Here is some data about external debt. The foreign debt (not in domestic currency) is what can be greater than the foreign currency reserves of a country.

Under normal situations, if the external debt is held by another country that does not want to cause a cascade of failures then the countries would work together to prevent the collapse. The countries are generating real value and returns so it is possible for nations to stave off a complete FTX style collapse.

FTX revenues were all tied to the transaction fees from operating a top-level crypto exchange. The earning power collapsed at the same time as the bank run and the token collapse.

Countries have had currency and financial failures. There is Germany before WW2 and various South American and other countries.