Pretty much what I’ve been saying, only with a lot more words:
Louis XIV, the Franklin Roosevelt of his day, took a great deal of wealth and privilege from the French aristocracy and imposed a flurry of restrictions they found burdensome. After his time, it became a central goal of the nobility to restore their position at the king’s expense. Their strategy is one with which modern Americans ought to be familiar: they insisted on a massive military buildup and an aggressive foreign policy that landed France in expensive wars, while at the same time demanding tax cuts. The goal was simply to bankrupt the French government, so that—no, not so that they could drown it in a bathtub; instead, they wanted to force the king to call the États-Général—roughly, the equivalent of a US constitutional convention—which alone could create entirely new tax structures. Once that happened, they hoped to bully the king into restoring their former privileges as the price of acquiescing in a new tax regime.
The result was a high-stakes game of chicken between the party of the aristocracy, and the party of the civil servants, bureaucrats and officials whose authority and wealth was guaranteed by the power of the king. (If you want to describe these two parties as “Republicans” and “Democrats,” I’m not going to argue.) What neither side noticed was that their struggles imposed severe burdens on the rest of the population, the peasants, laborers, and small-scale businesspeople on whose passive acquiescence the entire structure of power and prestige ultimately rested. As the struggle went on, the aristocracy did their best to delegitimize the king and the central government, while the civil service and its supporters did their best to delegitimize the aristocracy; both sides succeeded beyond their wildest dreams, and managed to strip the last traces of popular legitimacy from the French political system as a whole.
So when the aristocrats finally got their way and the États-Général were summoned, all it took was a few speeches by radicals and a bit of violence on the part of the Paris mob, and the entire structure of the ancien régime disintegrated in a matter of weeks. The aristocrats, who were chiefly to blame for the mess, were also the last to figure out what had happened. It’s tempting to imagine one of them, stepping aboard the tumbril that will take him to the guillotine, saying to another, “So, Henri, how’s that political strategy working for you?”—but there’s no evidence that any of them managed that degree of insight even when the consequences of their failure were staring them in the face.
I sometimes wonder whether the members of America’s privileged classes will show any more insight into the forces behind whatever messy fate waits for them. Certainly they’re making all the same mistakes as their French equivalents. The power, wealth, and influence of the privileged classes in today’s America is a function of their ability to manipulate an elaborate structure in which government and what we jokingly call “private” industry are inextricably tangled. Most members of those classes have no skills worth mentioning other than those needed to manipulate that structure. They’re very good at manipulating the structure, and extracting wealth from it—that’s why they have the status and the influence they do—but they have forgotten, as most aristocracies forget when they reach senility, their own dependence on the structure.Like the aristocrats of France before the Revolution, indeed, they’re busy undermining the structure that supports them—the culture of executive kleptocracy that pervades the upper end of American business these days is hard to describe in any other terms—and they’re equally busy trashing the last scraps of legitimacy the American political and economic system still has in the eyes of the people, for the sake of short term political advantage. It has in all probability never occurred to any of the people engaged in these activities that there could be negative consequences, or that the people in ugly clothes who bear the brunt of all this brinksmanship may eventually withdraw the support on which the entire structure depends. None of this can possibly end well: not for them, and probably not for the rest of us, either. I would remind those of my readers who think they would cheer the collapse of America’s ancien régime that what followed on the heels of 1789 was not the Utopia of reason promised by the radicals of that age, but the Terror, followed by the Napoleonic Wars.
In a way he didn’t intend, a core metaphor from Kaplan’s famous article “The Coming Anarchy” makes a perfect image for the mess ahead. He imagines the people of the world’s rich industrial countries as passengers in a limousine rolling through the dark and potholed streets of some Third World city, rife with poverty and violence. It’s interesting to note that he never asks what will happen when the limo runs out of gas. (I don’t happen to know his current views, but in earlier books he rejected the concept of peak oil.) Nor does he discuss what happens when the driver tries to dodge a pothole without braking and slams the limo into a brick wall—that’s more or less what’s happening to the economy of the industrial world just now—and let’s not even talk about the possibility that the people of the city might throw up some barricades, or lob a couple of Molotov cocktails in the limo’s direction. When one of those things happens—and I’m all but certain that it will—I hope Kaplan has enough of his wits about him to put on a greasy T-shirt and a pair of torn blue jeans, and mingle with the crowd.

Fascinating. I’ve never paid enough attention to history to realize that the backdrop to the French Revolution had so many parallels to the last few decades.
Also, scary.