The Old World Always Suspected the New World Was Bogus (Martin Wolf does not say that, but it's what he means.)

In a democracy, people overturn laws by winning elections, not by threatening the closure of government or even an outright default. It is impossible to run the government of a serious country under blackmail threats of this kind. Every time the administration gives in, it stores up more difficulty for itself…. Playing chicken with credibly reckless people is always scary. But the administration cannot give in.  HT DeLong