The path to Socialism is paved in ruin. Runaway governments that have promised "ELDORADO",  such as Russia, Argentina,Venezuela,Mexico and many more countries have at one time or another renounced their debt and obligations.  The United States is following the same path. Click on the YOUTUBE video below, it is quite lengthy but a very good prognostication of our future. 
However, you can stop this from happening by voting out those with the same solutions of the debtor past. Be active, make your voice heard. Lean on those running for office, get viable answers from them, ones that you can understand. No beating around the BUSH type of answers, no ducking the question.  Local politicians are first on the firing line, only vote for those who will reduce government spending, without this being done, we are all doomed. Just as your neighbor lost his house to the bank, your country is on the verge of being reposesed by our creditors. Yes, China and Japan are your new owners.  Do you speak Japanese, Mandarin, Cantonese? 

The Money Masters - How International Bankers ... 215 min video.google.com