So far the record is not good for leaders telling other people who are rich and powerful to "cut it out." I can only assume that the phrase actually is code for "I couldn't care less" or "have at it" or "carte blanche."
Propublica: Hillary Clinton’s Mixed Record on Wall Street Belies Her Tough ‘Cut it Out’ Talk
Radio Free Europe: On Hacking, Obama Says He Directly Told Putin To 'Cut It Out'
Maybe it's a combination of the aforementioned phrases plus a caveat such as " you can burn the peasants but please spare me."