In the Daily Telegraph, Matthew Lynn explains what happens when the coffers start to run dry across Europe:
[Last Tuesday] was the day when France ran out of money. As of Nov 7, all the money the government raises through its taxes – and this being France, there are literally dozens of them – had been spent. The rest of the year is financed completely on tick [credit].
In other words, for the French government to continue to function, the rest of November and all of December requires that they borrow money — i.e. run a current account deficit.
Most governments these days do the same, of course: the article goes on to point out that Spain likewise ran out of money on Saturday Nov 11, Romania on Nov 13, Poland will be broke on Nov 21, and Italy on Nov 26. The UK, astonishingly, will run out of money on December 7, while of the other large numbers, only Germany (duh) and Sweden (!!!) will be funded into the new year from their current tax incomes.
So, you may ask, how does the U.S.A. stack up against these spendthrift Euro countries?
Feel free to write to your Congressweasel, or else sharpen the pitchforks, pluck the chickens and heat up the tar. Guess which action I prefer.