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… the rest of the world catches a cold. This is probably why it’s difficult to find a dispassionate news report on the US debt crisis. The most objective one on my newsfeed is from the UK –  US debt crisis: markets rally as Barack Obama announces deal – Telegraph.

I had a spirited midnight discussion with my son who couldn’t understand why the richest country in the world can’t pay its debts. Not being an economics alumnus, I was hard pressed – all I could say was that nations don’t operate budgets in the same way as households. Anyhow, it seems we have steered away from the brink for the time being – even though congress is yet to take its formal vote.

The next 24 hours will tell the story.

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