... but this one from @johnthelutheran, also expressed by @zugzwanged, makes a lot of sense: constitutional monarchy depoliticises head of state and says we are not /defined/ ultimately by politics. We Americans invest a lot of symbolic power in the presidency (note: I have not read the linked book) and it might be useful to redirect that towards someone who fulfills a more explicitly symbolic function, i.e., has no actual power. Also, the things that unite Americans tend to be abstract ideas. It's always easier to unite around an actual person.
John also argues that monarchy is a good reminder that life isn't fair. [UPDATE: I misrepresented John's point here. See comments.] I see his point, but - believe me - I have plenty of opportunities to be reminded of that fact in our present political configuration.
Not that I expect (or even want) a constitutional monarchy in America. It's just an interesting thought experiment.
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