The Debt Ceiling mass hysteria is increasing geometrically the closer we get to the arbitrary date of August 2. Payments will not cease. The U.S. will not default. This is all so much Kabuki theater.
And yet all manner of articles questioning the U.S. as a going concern are proliferating the news wires.
This following article is one of the more egregious. It fails to mention the Fed also has over a Trillion in other liquid short-term assets on its books, to say nothing of the Treasury and its ability to generate "cash".
Who's ready for iAmerica?
As the BBC has reported, the software company Apple has more cash on hand than the United States federal government, according to the company's financial records.
Apple's quarterly financial report shows that the company responsible for the iPad, iPod and the iPhone now has $76.4 billion in reserve cash, while the Treasury Department is sitting on just $73.7 billion.
The feds could probably learn a thing or two from Apple's success. Congress remains embroiled in a debate over spending and whether the federal government, which currently owes trillions in debt, should be allowed to borrow even more. International credit rating agencies have threatened to downgrade the national debt for the first time in the nation's history if Washington doesn't come up with a solution to lift the $14.3 trillion debt ceiling while implementing a concrete plan to get the nation's financial house in order.