This is very true. However, institutions being granted this power in the first place (unlimited taxation via threat of violence, unlimited deficit spending power, unlimited money printer access on the global currency) is what enables the abuse by the politicians and voters all acting in their short term self interest.

If the US didn't have the world's reserve currency like Germany/France/UK/etc, the bill would come due via the bond markets. The demand for Euro-denominated debt is not near-infinite in the same way the demand for USD-denominated debt has been (at least up until now).