You can probably guess the first step; that middle finger you can give the world. From Nick Giambruno at internationalman.com:
A government in need of cash will turn to destructive “solutions.”
Money printing, higher taxes, and more regulations often come first. But, unfortunately, these are just the hors d’oeuvres before a 10-course meal.
As they become increasingly desperate, governments implement increasingly destructive policies. This might include capital controls, price controls, people controls, bank holidays, currency devaluations, wealth confiscations, retirement account nationalizations, harassing domestic political opponents, and much more.
The same pattern has played out again and again around the world and throughout history. The worse a government’s fiscal health gets, the more destructive its policies become.
This is the root of political risk—the risk to your personal and financial wellbeing from your government.