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Well since you are inclined towards (1) and (2), I think you are well and accurately describes by this old reply (3) comes in the next post:

In order to believe that a Convention of the States presents a greater threat to liberty than our current state of politics one must believe:

1. The Constitution is not being amended by three women in black robes +1 liberal in black robes +1 swing vote on a case by case basis.

2. The Constitution is not being amended at the caprice of the president by executive order.

3. The Constitution is not being amended at the caprice of the president when he chooses which laws he will "faithfully" execute.

4. The Constitution is not being amended daily by regulation done by an unaccountable bureaucracy.

5. The Constitution is not being amended by simply being ignored.

6. The Constitution is not being amended by international treaty.

7. The Constitution is not being amended by Executive Order creating treaty powers depriving citizens of liberty as codified in the Bill of Rights.

8. The Constitution is not being amended by international bureaucracies such as, UN, GATT, World Bank, etc.

9. The Constitution is not being amended by the Federal Reserve Bank without reference to the will of the people.

10. The federal government under our current "constitutional" regime has suddenly become capable of reforming itself, balancing the budget and containing the debt.

11. The national debt of the United States is sustainable and will not cause the American constitutional system and our economy to crash and with them our representative democracy, the rule of law, and the Constitution, such as it is, itself.

12. The Republican Party, presuming it gains a majority in the House and the Senate and gains the White House, will now do what is failed to do even under Ronald Reagan and George W. Bush and balance the budget, reduce the debt, stop regulating, reform the tax system, end crony capitalism, appoint judges who will not betray us and, finally, listen to the people.

13. That a runaway Convention of the States will occur, that it will persuade the delegates from conservative states, that it will be ratified by three quarters of the states' legislatures among whom conservatives control a majority, and the end result will somehow be worse than what we have now.

14. If we do nothing everything will be fine; if we keep doing what we have been doing everything will be fine; we have all the time in the world.

As to category (3), I refer you to this reply:

There are 99 houses in 50 state legislatures. Any leftist amendment would require only 13 of these legislative bodies from 99 to defeat ratification. In other words, three quarters of the state legislatures must ratify or 38 states. If 13 legislatures fail to ratify the amendment is defeated. Since ratification by legislatures requires both houses to consent, only 13/99 are required. That is very close to 13%.

If the Congress of the United States elects to have the ratification procedures conducted by conventions rather than legislatures, the method of selecting the delegates to those conventions would be chosen by the legislatures. If only 13 legislative bodies out of 99 object to the method chosen by the other body because it is considered to favor a leftist amendment, there is no ratification forthcoming from that state.

By either procedure the odds of a liberal amendment getting past so many conservative legislative bodies in so many states is both arithmetically and practically remote.

Finally, this is only the last line of defense, there are innumerable steps along the way which make a "runaway convention" virtually impossible and render the need for the states to fail to ratify very likely superfluous.