A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover they can vote themselves generous gifts from the public treasury.
From that moment on, the majority always vote for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.
The average age of the world's greatest civilizations from the beginning of history, has been about 200 years. During those 200 years, those nations always progressed through the following sequence:
1. from bondage to spiritual faith;
2. from spiritual faith to great courage:
3. from courage to liberty:
4. from liberty to abundance
5. from abundance to complacency;
6. from complacency to apathy:
7. from apathy to dependence;
8. from dependence back into bondage.
--Alexander Tyler, 1787
Earlier scholars noted how Republics tend to decline:
Plato says that from the exaggerated license which people call liberty, tyrants spring up as from a root…and that at last such liberty reduces a nation to slavery. Everything in excess is changed into its opposite…For out of such an ungoverned populace one is usually chosen as a leader…someone bold and unscrupulous…who curries favor with the people by giving them other men’s property. To such a man…the protection of public office is given, and continually renewed. He…emerges as a tyrant over the very people who raised him to power. –Cicero (De Republica, i, 2.)Money is language, a statement of value and cost and so on. Civilization is rooted in language, when it declines then its monetary systems follow necessarily. Fiscal conservatives try to separate moral language from economic forms of language and so on but a separation between fiscal and social conservativism typically undermines both because it all has to do with language spoken by the same people stating their values in different ways.
Financial credit is no different than credibility in general, a nation of decadent liars cannot create or support a sound monetary system through the application of intelligence or better policies and economic management.* There is no way to manipulate an economic system in order to overcome the corruption of individuals and the decline of a civilization in general. So on we go, put more copper in the coin!
*Poor Obama, naive and ignorant people seem to view him as some sort of savior in this respect.