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Would be nice if both parties got serious about paying down the debt, but at this point, it's pretty much a pipe dream. :/
As for reserve currencies, I say we need to keep the dollar as it is, because it's the only reason we can sustain our standard of living with all the debt we hold. If the dollar is supplanted by ANYTHING, our country will face hyper inflation immediately.
My point is when a government becomes tyrannical and/or abusive, nothing but the people themselves will correct that. Ideas, words on paper, etc., no matter how noble and good they are will not prevent systemic abuse, only corrective action(s). Ideally by the ballot box / court system, but even these systems have been corrupted. The "4 boxes of liberty" (soap, ballot, jury and ammo) will always ring true; the US was birthed upon the latter, after all.
No government - no system of checks and balances - will work when enough immoral men sit at the helm; and they certainly won't leave their seats willingly.