On the surface it's insane and intolerable, but without a monarch, you eventually end up with a government that serves international money and doesn't give a damn about the people of the country.

With a monarch, you (in theory) have at least someone in the government who has a stake in the nation beyond mere finances.

Sadly, it seems modern first world royalty is completely toothless and terrified of the governments that surround them. So we don't even get the theoretical benefits any more.