The precipice is literally the edge of the cliff. It absolutely means the point just before all hope is lost. Where the very next step leads to total destruction. Only at that point are people forced to fall to their knees and beg for a last minute divine intervention.

Then once MIL step in and save the day, the people involved are sufficiently scarred enough to NEVER allow this to ever happen again; never take their freedom for granted and always keep an eye on who is trying to take power in elections.

Also, they will be more determined to pass down the importance of democracy and anti-communism to future generations.