The cuts announcement came in the same week that US Defense Secretary Ashton Carter warned further reductions in UK military spending would put the country's global influence at risk. It is a concern shared by the Armed Forces themselves and many defence experts.
The success of Germany has been founded on a willingness across the board to look long-term and to seek commitment to shared goals. The country's experience shows that such an attitude can help tackle the most serious of difficulties.
Any deal is crucial not just for the US but also the global economy. Even a short period when Washington could not pay its bills would have a devastating impact on global confidence.
Guy Hands is still hanging on. At least he thinks he is. Two weeks ago he started an action against Citibank claiming they grabbed EMI from him wrongfully.