When governments play politics with their balance sheets, things rarely end well. Just take a look at what's happening across Europe right now — the debt crisis warnings should be loud enough for anyone paying attention.

Americans might want to study that playbook carefully. History's shown us time and again: mixing political agendas with fiscal responsibility creates a toxic cocktail. The European situation isn't just some distant problem anymore; it's a preview of what happens when debt spirals meet political gridlock.

Sovereign debt doesn't care about election cycles or partisan talking points. Markets have their own way of enforcing discipline, and it's never pretty when reality catches up.