In the late roman empire the rulers fucked up so much, no one could pay their taxes, government wouldn't even accept it's own watered down currency for taxes but demanded gold or silver or services and goods in kind. It got so bad people were walking off of their jobs en masse after those jobs didn't provide for life anymore.

The empire responded by binding people to their jobs for life, and their kids. Many city people remained free but country folk were enslaved. The big latifundia factory farms turned their estates into castles and became lords. All while the barbarian invasions came sweeping through, and the people welcomed their government getting crushed.

One could see how that will play out again.