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News Apple richer than government

  1. Jul 30, 2011 #1

    Ryan_m_b

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    Staff: Mentor

    Apparently Apple now has more reserve cash than the US government
    http://www.bbc.co.uk/news/technology-14340470

    This is getting a bit ridiculous, I'm not American so I can't comment well on opinion or politics in the US but here in the UK people are quite worried that this irresponsible ideological chicken is going to have huge effects on our economy. Considering we are having to undergo very unpopular and harsh budget cuts people are worried that economic problems in the US could send the UK into a further, unaffordable recession.

    Is there going to be a last minute save or has the culture gap royally screwed US and other countries economies?
     
  2. jcsd
  3. Jul 30, 2011 #2
    For comparison - how much cash does the UK have on hand? (not trying to be snarky - but just trying to put it in perspective, I honestly don't know how much other countries keep on hand)

    I think the scarier part isn't that Apple has more cash than the US government (which seems a poor, irrelevent comparison) - it's that it has that much cash on hand period. Right now is not a good time for businesses in the US, so businesses that are making money aren't reinvesting as much as they could. They're sitting on their cash - the article indicates a possible buy out incoming, but that doesn't really do much to grow the economy. The business that they'd buy is already established - there's no real wealth creation happening there (unless Jobs uses his money in whatever they buy to grow it - but if it's BN or Netflix, I don't see them turning around those company's shrinkage). IMO that type of consolodation may only be bad for the market in general.
     
  4. Jul 30, 2011 #3

    Ryan_m_b

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    I honestly don't know about the UK. I know that our economy contains ~$2.3 trillion, our deficit is ~$150 billion per annum and our debt has reached ~$775 billion.

    I'm not an expert but businesses hoarding their money could be a way of trying to survive an oncoming economic catastrophe. The danger of that is of course it hastens the problem.
     
  5. Jul 30, 2011 #4

    Ivan Seeking

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    There will be a last minute save. The tea party has dug itself a grave.

    Course then, I never believed this country could elect someone like Bush, so what do I know.
     
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