Greece and the EU are a stark example of what Margaret Thatcher was talking about when she was reported as being quoted saying 'the trouble with socialism is sooner or later you run out of other people's money'. A number of European countries ran, or are running out of other people's money. (that they borrowed) This is where the Paul Krugmans of the world step in. Pretend that a valid economic model is to have the central banks monetize the debt engage in qe to keep the debt binge going. And when even that doesn't work, give the debt a haircut so you can borrow some more. (Greek strategy) More debt that will fund more socialism. America is approaching the same vortex where it's all debt, all the time, and the fed has to be enlisted to do it's part, too. End of the line.