The FT reports this morning that the cost of buying insurance against the defualt of a US government bond is now higher that the cost of the same insurance against McDonalds. i.e. people think there is a higher likelihood that the United States of America goes bust that the Burger Chain.

This is attributed to the stress on the US economy from the credit crisis and the $700bn bailout programme. The alternative way of looking at it is that Americans prefer eating burgers to paying taxes…

Either way these are crazy times!