The world’s largest technology company, Apple, has surpassed the world’s largest government in its liquid assets. That’s right: as the possibility of default by the United States Treasury grows ever more likely, Apple pops open the champagne to celebrate the fact that while the US Government has US$73.8 billion dollars in operating cash, it has US$76.2 billion in cash and marketable securities, according to Business Insider.
But, unlike the US Government, Jobs & Co owes nothing to banks and creditors. The company recently reported yet another record quarterly earnings, posting sales of US$28.57 billion and net profit of US$7.31 billion, up by 82 percent and 125 percent, respectively.
Meanwhile, the US Government, now in crisis talks to avoid a double-dip recession, spends $200 billion more than it collects taxes every month, according to the Sun.