President Obama did a press conference today where he proceeded to beat up the school bully, I mean call out the Republican slackers who don't want to pay for the spending that, well the spending that they did. It's disgusting how many Americans think that the President simply spends money as he wishes. In fact he can't spend a single penny without authorization from Congress, most of it is mandatory spending that he can't refuse to act on.
President Obama, "These are bills that have already been racked up, and we need to pay them. ... So ... Republicans in Congress have two choices here: They can act responsibly and pay America’s bills or they can act irresponsibly and put America through another economic crisis."
In fact if Obama were to allow things to play out the way Republicans swear that they want them to, it could well end Western Civilization. This is not hyperbolic ranting from your economics correspondent, less than this has done more damage. If you think the 'rich' won't let that happen, you haven't been paying attention. Most of the 'very rich' got that way by employing 'disaster capitalism', or simply screwing people weaker than them. Hoarding cash and then buying real wealth for 10 cents on the dollar is a tried and true method, and they are angling to do that now. The founders of this nation warned against cycles of inflation and deflation brought on by bankers, calling them more dangerous than armies. Holland had collapsed a 150 years before, and France was collapsing at the time. Indeed the US went through many of these cycles. The New Deal ended all of that until Reagan unleashed the demons again, and they still run amok.