Resons for the Fall of the first global Superpower; the Spanish Empire?

I guess a nation that cannot control its domestic market will seldom be able to sustain itself in foreign markets, which are inherently less accessible and more unstable.

Yet, Spanish leaders were deluded by a sense of false prosperity. This is testified by the statement of a  number of prominent officials in 1675; all encapsulated in the following sayings: “Let London manufacture those fine fabrics of hers to her heart’s content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens…so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth.

Taking a walk down memory lane or for those who don’t know that Spain was the first global Superpower with gold and silver flowing in from its American colonies, the Hapsburg dynasty became the dominant power in Europe.