Yes, looking at hard assets and debts in this manner is useful: but we do have to then go on to the next stage which is to point out that by their taxing powers governments have a future revenue stream.

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He did indicate the government's support for the Welsh government to acquire borrowing powers which would be "commensurate" with any revenue stream it acquires through the devolution of minor taxes.

BBC: Today's big story at Westminster: the Welsh Grand

What the Treasury seem to be saying here is that they're uneasy about handing over borrowing powers to the Welsh Government when their only substantial means of paying it back is the income stream from the block grant - they'd like them to have the paper round as well as the pocket money.

BBC: Pocket money and paper rounds