Firms can include this pension surplus as a credit in their income statements.

ECONOMIST: American profits

And unlike America, Germany is a supplier of global credit: its current-account surplus was a hefty 7.7% of GDP last year, according to the OECD.

ECONOMIST: The euro-area economy

When the U.S. government spends more than its revenues during any significant period, the shortfall would be financed by credit until the borrowings could be covered by a surplus.

FORBES: Republicans must mark their budget territory

Securitisation is really an arbitrage: with surplus collateral, assets can be bundled into an entity with a supercharged credit rating.

ECONOMIST: Securitisation