To split something (usually a state) apart, on a usually ethnic basis. This verb first appeared in the 1990's during the War in Bosnia, led by Croats, Serbs and Bosnians, which caused the demise of the Socialist Federal Republic of Yugoslavia (SFRY). It is nowadays again popular with Kosovar Albanians trying to rip off a part of Serbia -Kosovo (15% of Serbian territory, imagine the US without Texas)- for themselves.
It seems highly unlikely to balkanize the USA.
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