Apple recently released its latest results, revealing that it has $76-billion on hand in cash. The US government this weekend revealed that its cash reserves are $74-billion – slightly less than Apple’s.
In fact, Apple is in a much better position than the US government since its $76-billion is in cash, in its various bank accounts. The government’s $74-billion is the amount of credit it has left, not the same thing as having a positive balance.
The news that corporates like Apple have more cash than the government has sparked speculation that big business could be approached to bail the government out.
There is a precedent for such a move: in the mid-1980s, JP Morgan pledged $60-million in gold to cover what the US government was owed from its gold reserves, saving it from almost certain bankruptcy.