Well, it finally happened. Steve Jobs’ consumer electronic empire Apple now has more money to play with than the US treasury – the world’s biggest economy and lynchpin of the Western financial system.
According to US Treasury figures released this week, the United States has an operating cash balance of $73.768 billion.
No small change, but that’s $3 billion less than the $76.2 billion Apple has in back pocket, as of June 25 this year.
Whether that’s an indictment of the current state if the US economy – and the political flap it’s in over the debt ceiling – or a testament to Apple’s rocket-fuelled success depends on how you look at it.
PCR has the full story.