The US has become a banana republic
That process began under Reagan, accelerated under the Starr Chamber, and came to fruition when the Supreme Court did not scruple to steal an election in front of the whole world and we weakly went along with it. We have been living in a banana republic since.
And it has only gotten worse under Obama. Just look at the way activists and whistle-blowers are persecuted while fraudsters, forgers, and money launderers, and torturers go free. Not quite Argentina under the dirty war, but we are close, we are getting close.
We have seen a series of budget disasters in the states. There was the time in California under Pete Wilson where the legislature did not pass a budget and for weeks state workers were paid in script and people dependent upon state benefits did without. And Californians pay a much higher interest on their bonds as a result. I seem to recall other states had similar disasters, but I cannot recall which ones. The point I am trying to make is that anyone who thinks that common sense will prevail is whistling past wind. That is one of many reasons we need to keep talking about the platinum coin. There is no reason for the feds to default, except for willful arrogance.
Recently I have been watching videos of the old TV miniseries, Fall of the Eagles, which traces the events leading up to World War I. One thing I am struck by is the way the Very Serious People backed them into the disaster they were all trying to avoid. Their oh, so, sophisticated real-politic diplomatic arrangements dragged them over the cliff.
Repeated political failures and clashes over money are classic indicators of a pre-revolutionary society.