You don't quote the rest of the speech
"....This land of such dear souls, this dear dear land,
Dear for her reputation through the world,
Is now leased out, I die pronouncing it,
Like to a tenement or pelting farm:
England, bound in with the triumphant sea
Whose rocky shore beats back the envious siege
Of watery Neptune, is now bound in with shame,
With inky blots and rotten parchment bonds:
That England, that was wont to conquer others,
Hath made a shameful conquest of itself."
In fact. what Gaunt is saying is that Richard has made a right pig's ear of managing England. He chooses to believe flatterers rather than experts on running the country and is suffering a financial crisis of his own making.
You may want to draw contemporary parallels, I couldn't possibly comment
