In addition, Japan (our second largest creditor holding $1.14 trillion of U.S. debt) put out a statement through its Finance Minister last week saying, "The U.S. must avoid a situation where it cannot pay, and its triple-A ranking plunges all of a sudden."
(Read more: Fed in 'monetary roach motel,' won't taper: Schiff)
It is both embarrassing and hypocritical to be lectured by Japan about an intractable debt situation. However, the sad truth is we have become completely reliant on these two nations for the stability of our bond market and currency.
We arrived at this condition because our central bank has compelled the nation to rely on asset bubbles for growth and prevented the deleveraging of the economy by forcing down interest rates far below a market-based level.
For example, instead of allowing debt levels to shrink, the Fed's virtually free money has now caused consumer credit to surge past the $3 trillion mark by the second quarter 2013; that is up 22 percent in the past three years. And of course, the Federal government massively stepped up its borrowing beginning in 2008, piling on over $6.8 trillion in additional publicly traded debt since the start of the Great Recession.
(Read more: It's back with a vengeance: Private debt)
While most are now celebrating the end of government gridlock (however ephemeral it may be), the truth is few understand the consequences of our addictions.
The real problems of government largess, money printing, artificial interest rates, asset bubbles and debt have not been addressed at all. Rather, Washington has merely agreed to perpetually extend its lines of credit and to have the central bank purchase most of that new debt.
Instead of placating the fears of our foreign creditors we have cemented into their minds that the U.S. dollar and bond market cannot be safe repositories of their savings. The eventual and inevitable loss of that confidence will ensure nothing less than surging prices and a complete collapse of our economy.
The fear of an economic meltdown was the genesis of a constitutionally-based third-party political movement.
The Tea Party was formed to prevent runaway inflation and an economic depression resulting from a crumbling currency and devalued debt. It appears by the absolute and universal vilification of its members by both Republicans and Democrats that U.S. citizens are not yet ready to undergo the pain associated with the removal of our pernicious addictions.
(Read more: Tea party leader takes protest to new level)
Since there appears to be no political solution in site it would benefit investors to take steps now to protect their portfolios from the de-crowning of the U.S. dollar as the world's reserve currency.
—Michael Pento is president of Pento Portfolio Strategies and author of The Coming Bond Market Collapse: How to Survive the Demise of the U.S. Debt Market.