[Black Star News Editorial]
Multi-billionaires such as the Koch brothers and Sheldon Adelson are financiers to Right Wing Republicans.
These super wealthy individuals thought they could stir up enough resentment in this country last year to deny President Barack Obama a Second Term and elect Mitt Romney president.
This year’s Right Wing star and resentment-powered politician has been Senator Ted Cruz who led Republican lawmakers into the reckless crusade that led to the shutting down of the Federal government. They delivered a bizarre blackmail ultimatum to Obama; defund the Affordable Care Act (ACA).
Correctly President Obama told Ted Cruz, not precisely in these words, to go to Hell.
ACA is the law of the land. After the legislation was passed and then signed into law by the president it survived numerous lawsuits by State Attorneys General and ultimately withstood a challenge before the Supreme Court.
Yet the reckless Extremes have now shut down the government. And the Republicans have been hammered in the polls with 53% blaming them for the shutdown and only 34% blaming the Democrats according to the most recent polls.
Now the debt ceiling is looming.
Did the Koch brothers, Adelson, and other super wealthy who fund the Extremes think it would come to this? That the U.S. would be pushed to the brink of defaulting on its loans? Even a conversation, alone, about the possibility of default, in and of itself, is damaging to the U.S. economy.
Shutting down the Federal government for a few weeks or months mostly harms the poor, including poor Whites, who receive the majority of all assistance to the poor from the federal government, as the NAACP President Benjamin Jealous points out in his commentary on these pages.
But the possibility of a U.S. default if the debt ceiling is not raised is all together another animal. When the U.S. economy is sick, the whole world is affected.
The U.S. is considered the world’s most trusted and stable bank. The U.S. dollar is the Global reserve currency. It’s the currency of Global trade and commerce.
It was believed to be stable, desired, and honored, everywhere in the world.
Even in the most remote far off village in the world, someone knows what a U.S. dollar bill looks like. For some people it’s better than gold because it’s easier to carry and to transport.
But the value of the U.S. dollar erodes once people lose confidence in its infallibility, which itself is based on the stability of the U.S. government.
How can a government be stable when lawmakers shut it down when they don’t get an illegal and preposterous demand met?
The Extremes control one segment of the legislature; the House of Representatives. Some people say they also control the judiciary through the Supreme Court’s conservative majority.
By causing political paralysis in order to render the president powerless to govern their actions amount to a bloodless coup d’ etat.
Such actions erode confidence in the United States as the custodian of the world’s assets. China doesn’t park over $2 trillion in the U.S. because it has a special fondness for this country. It does so because the U.S. is seen as the epitome of political, financial and economic stability.
Now China and other countries see a government hobbled and they begin to doubt.
When you create a monster it can develop a mind and madness of its own.