US Someone recently emailed me this quite compelling explanation for why Standard & Poors downgraded US sovereign debt: • U.S. Tax revenue: $2,170,000,000,000 • Fed budget: $3,820,000,000,000 • New debt: $1,650,000,000,000 • National debt: $14,271,000,000,000 • Recent budget cut: $38,500,000,000 Let's remove 8 zeros and pretend it's a household budget: • Annual family income: $21,700 • Money the family spent: $38,200 • New debt on the credit card: $16,500 • Outstanding balance on the credit card: $142,710 • Total budget cuts: $385 Hey is someone reading my mail. EURO What we need now is for someone to do a similar thing with the Euro family debt . I'd like to see what Daddy Deutschland's debt position is if it stumps up for the debts of all its Euro children : Greece, Portugal and Ireland and its pr
Stirring grist, grizzle and gore to flavour the stew.