There is a very good article by Paul Craig Roberts about the loss of sovereignty @
Before you start chanting "USA, USA, USA", please keep in mind that it's not "your" country that is doing what is discussed in the article.
Since our mythology tells us that this is a government created by the several states and "of, by, and for the people" we should still possess at least a glimmer of our own sovereignty. That is LONG gone. The only remaining sovereign around here is whatever lurks behind the facade know as Obama ad-Dajjal.
Just wait until the debt we're told not to worry about strangles the lifeblood out of this nation. Sooner or later, we're going to discover that the Oz behind the curtain is Satan. It can be no other.
Think you'll still be happy then?