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This is what is happening now, soverign debt crisis created by the bailouts of government's trying to regulate a supposed free market economy.
Anyone blaming a single president for this system and problems could go back to Ronald Regan easily enough, and start looking at how he pushed the trickle down economy with a move to lesser regulation on banking sector and a more free enviornment for banks to "create" money based on the tresaury valuations, this created the loan based economy. This is where to grow you need to borrow money to achieve new growth, what this did was open up loans to more people, so now more people could afford their own home, ok what did that do? well it created a demand for houses that pushed up housing prices which in turn created a domestic job surplus which created more money, which created more job, which created more buying, but its all based on debt.
If you think there is a short term solution to this massive macro economic problem you are all kidding yourselves. There are two solutions, one governments go austerity route and pay down debt stop spending what they dont have and go back to pre world war II slow economic growth, or two they all declare bankruptcy and run the same debt up again.
Anyway that is my little 2 cents chew on it what you will.
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